Honestly, I don’t really want to talk about CRCL anymore. I don’t hold any positions, nor am I going long or short. I’m just treating it as news coverage and sharing my personal thoughts. In my opinion, the probability of a renewal failure is very low. Based on the contract design, Circle and Coinbase don’t even need to sign a new agreement in August to continue their partnership. The cooperation agreement signed on August 18, 2023, has an initial term of three years, expiring on August 18, 2026. However, the contract sets the formal decision point at 90 days before expiration, which was May 20, 2026—already nearly two months ago. If the two parties haven’t negotiated a new amendment by that date, and both Circle and Coinbase fulfill the ongoing obligations stipulated in the agreement, the contract will automatically renew for another three years under the original terms. So far, there’s been no public disclosure of either party accusing the other of breach of contract, nor has there been any termination notice. As for the banking license issue, I looked into it carefully—it’s basically just custody. But custody doesn’t make much money. Take Coinbase’s custody for crypto ETFs as an example. Sure, USDC can save costs, but it still doesn’t solve the payment problem—or rather, it doesn’t solve the issue of relying solely on U.S. Treasury yields for profitability.