Recently, a lot of people have asked me to talk about CIRCLE! The real USDC reserve interest-sharing model (2023 agreement): 1. COIN platform reserves: 100% go to COIN. 2. CRCL platform reserves: 100% go to CRCL. 3. Third-party platform reserves: Split 50/50 between both parties. Strategic focus: This agreement will be renegotiated in August 2026. At that time, adjustments to revenue distribution will be the biggest factor influencing CRCL's valuation and future income trajectory. Key drivers of CRCL (Circle) valuation to watch: 1. Interest rate environment : The core factor determining USDC reserve interest income. If the Fed lowers rates, it will directly impact the company's profitability. 2. Strategic renegotiation : The August 2026 renewal of the agreement with COIN will redefine the allocation of the largest revenue source for the coming years. 3. Market share ️: The competitive landscape between USDC and rivals like USDT is the foundation of the company's growth. 4. Regulatory clarity ️: The final version of the U.S. stablecoin legislation will shape Circle's business model and its regulated 'moat.' #Circle #USDC #Crypto #Finance #Stablecoins