Circle CEO: Stablecoins are at the 2002 stage of the internet and will reach trillions of dollars in the future

Author | @lufeieth

On August 19, 2026, Jeremy Allaire, co-founder, chairman, and CEO of Circle, held a Q2 2026 Earnings AMA for investors. In nearly 47 minutes of communication, he answered a total of 11 questions covering Circle's organizational execution, the real-world applications of stablecoins, USDC global payment opportunities, Circle's long-term business model, Arc's five-year vision, the trust foundation of the AI agent economy, CPN, EURC, and the impact of the CLARITY Act on USDC growth.

Opening

Good morning, good afternoon, or good evening, wherever you are. Welcome to Circle's earnings report AMA. I am very pleased to have the opportunity to use this time to answer your questions and engage with all friends who are interested in Circle, including Circle's strategy and what we are working hard to execute.

We have just released our Q2 earnings report and shared a lot of content. Now we hope to further open the discussion and give a broader audience of Circle followers the chance to ask questions. You can continue to submit questions during the AMA, and we will try to select more questions to answer.

Question 1: As Circle continues to expand in areas such as payments, Arc, capital markets, and financial infrastructure, what gives you the most confidence in the team's execution capabilities? What capabilities does the team currently need to strengthen?

Questioner: Lufei

Jeremy Allaire:

That's a very good question. As CEO, I often think about the current execution of the team and how we need to continue evolving in certain areas as the company grows. First of all, I think Circle is executing very well overall. Since the IPO, our product advancement has been very rapid, and the speed at which new products and capabilities are brought to market is quite impressive.

This capability is built on a very strong cross-functional collaboration system that Circle has developed over the years. We need to launch financial infrastructure, regulated financial products, and platform infrastructure products simultaneously, which requires long-term high coordination among different teams. Additionally, while Circle has been expanding its team, our overall personnel growth has remained slow and steady. We have not adopted an explosive expansion model with massive increases in staff. We have been consciously controlling the growth rate, hoping to establish sufficient institutional depth within the company. Many leaders in various core business segments and key positions have been working with us for a long time, so Circle has strong institutional cohesion internally.

Another very important point. Like many companies, we have begun to deeply utilize AI and agentic infrastructure. This started with the software engineering team and is now expanding to the entire organization. I often tell Circle employees that this is one of the most important opportunities you may encounter in your career, as AI acts as a new capability amplifier for everyone, even understood as a new "superpower."

Those who can truly leverage this capability need to possess stronger interdisciplinary and cross-functional abilities. The most efficient individuals in the future will be those who can coordinate both humans and AI agents simultaneously and work across different fields. We have already seen this further increase the speed at which Circle launches new products.

From my personal experience, I have been developing internet software platforms for about 30 years. Many of Circle's product and engineering leaders come from leading tech companies around the world. Therefore, we always see Circle as a technology company. The problems we solve fundamentally rely heavily on technological innovation. The speed of Circle's technological innovation is accelerating, which is very critical.

As for the capabilities that need to be strengthened, there will always be areas for improvement. As Circle increasingly resembles the financial market infrastructure relied upon by leading global enterprises and financial institutions, we need to build some new capabilities. One very important area is cyber risk. This risk is changing rapidly, especially evident in the crypto industry, and it also affects the entire tech and financial sectors. Therefore, strengthening security capabilities is very important.

Another area is global operations. Circle initially established its core market and then gradually entered major financial centers, building infrastructure, liquidity, and operational capabilities locally. Now, we see huge growth opportunities in dozens of emerging markets and other countries around the world. Therefore, we are building stronger localization capabilities, including personnel, operations, and infrastructure, to penetrate these markets. There is very strong demand in these regions for Arc, CPN, USDC, stablecoins, and other digital asset products from Circle. These are the directions we are currently focusing on strengthening.

Question 2: What do you think is the real financial problem that stablecoins are closest to solving on a large scale?

Questioner: viralfacts3122

Jeremy Allaire:

We think about this question very frequently. I often say that stablecoins are a universal digital currency architecture. If you observe the uses of stablecoins today, you will see a very wide spectrum.

At the most micro end, AI agents can pay a fraction of a cent to another AI agent for cognitive labor such as reasoning and data processing. The traditional financial system could not support such transactions in the past. At the other end of the spectrum, large capital market institutions are using stablecoins and USDC as working capital and collateral, and for the financial infrastructure of traditional derivatives markets. Large multinational companies are also beginning to use Circle products and stablecoins for global cash management and intra-group fund transfers.

Returning to the core of the question, what scenarios have already formed a true product-market fit on a large scale? We have clearly seen several.

First, the digital asset market. Stablecoins provide a reliable digital dollar that is available globally and year-round. When the market itself operates 24/7, this currency is very suitable. The digital asset market naturally formed the first product-market fit. Stablecoins serve as working capital, collateral, cash, transaction settlement, and payments, and there is already a very strong product-market fit here.

The digital asset market itself is also changing. In the future, the range of assets handled by this market will become broader, and the trading targets will no longer be limited to Bitcoin or traditional crypto assets but will include all types of assets and real-world assets. We are seeing a trend: the capabilities of 24/7 markets, digital asset tokenization, and global software markets are gradually entering traditional capital markets.

Stock trading and commodity trading have real economic functions, including price discovery and capital allocation. Therefore, the convergence of traditional finance and on-chain finance has already begun, although it is still in the early stages.

The second scaled application is the digital dollar store of value in emerging markets. In many places around the world, the demand for digital dollars like USDC is growing. For small and medium-sized enterprises, households, and even some large enterprises, stablecoins have begun to become a tool that approaches a "1 dollar bank account alternative." They use stablecoins to replace some functions of local banks.

This can support business activities, savings, investments, and cross-border payments. From the hundreds of millions of people globally using stablecoins, this is already a real problem that is beginning to be solved at scale. Of course, this market can be much larger in the future.

The third obvious scenario is cross-border settlement and international payments. Stablecoins can serve as the settlement leg in cross-border transactions. Moreover, in more and more cases, stablecoins themselves also become the final money received. In other words, USDC can be used simultaneously for payments, receipts, value storage, and cross-border fund movement. We have already seen this in CPN.

Many cross-border payment companies, fintech companies, and banks are collaborating with Circle to integrate USDC into their cross-border settlement capabilities. Large payment networks like Visa and Mastercard are also adopting stablecoins for cross-border settlements. Issuing institutions in one market can quickly complete fund settlements in another market.

Next, I believe the agentic economy will become a very large field. Stablecoins, programmable money, and machine-mediated financial infrastructure are naturally suited for the world of AI agents. Additionally, the penetration of stablecoins into traditional financial markets and the convergence of traditional finance and on-chain finance will continue to occur.

Ultimately, we believe stablecoins will enter retail merchant payment scenarios. They can significantly improve the unit economics for merchants while creating new value for consumers, such as membership benefits and rewards mechanisms. I believe this scenario will gradually emerge in the coming years. In the long run, we believe this form of currency is very suitable for merchant payments. Currently, this market is still some distance from true large-scale application.

Question 3: Where do you think the biggest opportunity for USDC in the global payment space lies?

Questioner: fascinatingwatch594

Jeremy Allaire:

It mainly includes several aspects. First, cross-border settlement. Second, capital market payments and settlements. Third, agentic payments.

AI agents essentially exist in the cloud and the internet, and they have strong determinism when executing tasks. We are now observing that over 99% of agentic payments on protocols like x402 use USDC. What AI agents need are reliable currencies, widely accepted units of account, fast settlements, extremely low costs, and deterministic execution. USDC is very suitable for agents in these aspects.

Another important opportunity is retail payments. A rapidly growing model now is the "stablecoin card." Many new neo-bank products are built on stablecoins. Users have digital wallets and stablecoins, can send and receive stablecoins, invest stablecoins in DeFi, invest in digital assets and real-world assets, and use their stablecoin balances for merchant consumption through traditional card networks. Circle collaborates with almost all major companies in this field, and we see very strong growth here.

Furthermore, I believe point-of-sale payments will also change. In many markets in Asia and Latin America, QR codes have become an important point-of-sale payment method. Therefore, moving from "holding stablecoins in a mobile wallet" to "immediately settling stablecoins to merchants via QR codes" is not a far leap.

Completing this does not necessarily require traditional card terminals. The world has already proven that the entire payment acceptance system can be upgraded solely through QR codes. Instant settlement and the unit economics brought by extremely low fees are very critical.

As stablecoins gradually become legal electronic currencies in major markets, especially after the GENIUS Act takes effect in the U.S., I believe the entire merchant acceptance chain will significantly accelerate its upgrade. More and more merchant payment infrastructure companies will begin to support stablecoin payments. This process will take some time to reach scale, but the direction is very clear.

Question 4: Jeremy, in the long run, do you think Circle's main economic engine will be reserve income from USDC, or transaction and infrastructure income built around USDC?

Questioner: noahplumb5409

Jeremy Allaire:

This is a very important question. I often tell investors, the board, and employees that we are still in the very early stages of this market opportunity's development.

Currently, the entire on-chain stablecoin market is only about $300 billion. The on-chain infrastructure supporting this new financial economic system has been developing for over a decade, but it has only recently reached a level of maturity that institutions can truly adopt. Technology is beginning to reach a level that regulators and policymakers can accept, making it possible to migrate global economic activities to this infrastructure.

If you observe the entire potential market size (TAM, Total Addressable Market), including electronic currencies themselves and various functions built on currencies, such as capital markets, payments, fund transfers, and financial infrastructure, you will realize that our current position is very small.

I like to use the internet as an analogy. I believe today's on-chain finance and stablecoins are roughly at the stage of the internet in 2002. The internet had already gone through its first wave, with some very good products emerging, many failures, and a lot of capital entering. But the entire industry was still very much at the forefront.

In 2002, we were even near a bear market in internet technology. However, from that point onward, the internet began to scale, mature, and eventually permeate society. Web, internet software, digital media, and communication ultimately became ubiquitous. I believe the internet financial system, stablecoins, and on-chain infrastructure are today at a similar stage.

This means several things. First, the future scale of stablecoins will grow from hundreds of billions to trillions of dollars. Our view is that stablecoins are a higher quality and safer form of currency, and therefore will see very widespread circulation in the long run.

To expand stablecoins from hundreds of billions to trillions of dollars, Circle must collaborate with distribution channels and platforms worldwide and incentivize them to participate. We need to work with world-class financial companies, tech companies, and fintech companies to embed Circle's infrastructure, adopt Circle's infrastructure, allow these partners to earn revenue from it, and enable these partners to reward their users. Only then can we expand USDC from its current scale to future scale.

Therefore, reserve income will continue to be a very powerful economic engine for Circle. At the same time, these revenues will be more distributed throughout the ecosystem. Ecosystem growth means all participants grow together. Circle must continuously manage the distribution of interests within it.

Our goal is not to extract profits from existing businesses as much as possible. Our goal is to build the entire ecosystem to a scale of trillions of dollars, integrating USDC widely into the global financial and economic system.

At the same time, we are also very consciously building a large number of other products, platforms, and services. This includes blockchain infrastructure transaction income and various new collaboration models.

CPN is a very unique example. CPN is an on-chain payment network. This network has only been operational for about a year, but it has already shown very strong growth. We believe it can charge based on each transaction while embedding other value-added services in the network for more monetization.

Then there is Arc. We see Arc as a new economic operating system. It creates a completely new business model. In terms of opportunity scale, we even see it as an opportunity at the level of Amazon Web Services.

Arc can be understood as an economic cloud. We believe it will be used for a very wide range of applications in the future. As AI accelerates, the number of applications will further increase, thus Arc will create very important new revenue sources for Circle.

So Circle will continue to earn from reserve income while expanding the scale and network effects of USDC. On this basis, we will expand upward to the application layer, downward to the infrastructure layer, and diversify revenue through more digital assets, protocols, and platforms.

Question 5: What are your expectations or vision for the development of USDC and Arc in the next five years?

Questioner: 0xbankas

Jeremy Allaire:

Let’s start with Arc. Circle has been thinking about the "infrastructure for internet economic activities" for about 13 years.

When we founded Circle in 2013, one foundational idea was that blockchain would ultimately become a distributed computing network. People could deploy code, that is, smart contracts, onto these networks, allowing software to directly participate in and coordinate economic activities. At the same time, any type of record and any type of asset could be issued onto these computing networks.

In 2013, this idea sounded very distant. Over the past decade, we have seen many iterations in this direction. Now, we are entering a very special moment.

Legal systems are beginning to prepare for this technology. The technology has likely entered the fourth generation of capability. Governments around the world, as well as leading financial institutions and tech companies, are beginning to realize that this economic infrastructure will become a very important part of the future.

Many people in the past thought blockchain was mainly for trading speculative crypto assets or at most for payments. Our view goes further: blockchain is becoming an operating system. It is a distributed network operating system specifically designed to run applications with economic attributes.

What is involved here goes far beyond "saving money and transferring money." It will ultimately carry the economy itself.

Think about what a company really is. A company is essentially a set of contractual relationships. It includes ownership structures, contracts around ownership, mechanisms for investment into the company, mechanisms for paying cash flows and dividends to investors, capital management of the company, and various contracts needed for the company to operate globally.

In the future, the entire set of corporate operating mechanisms will migrate to the on-chain world. We will see on-chain corporations. These on-chain corporations will increasingly be coordinated by software, and this software will increasingly be created and executed by AI.

I have a broader judgment: operating systems for intelligence and operating systems for economic activity will gradually merge. I believe we will see this trend truly unfold in the next five years.

The forms of enterprises will become increasingly on-chain and agentic. Interactions, transactions, contracts, and the entire backend systems of companies will gradually migrate to this environment.

Circle hopes to build Arc together with a large number of different participants globally, including operating infrastructure, upgrading infrastructure, governing infrastructure, and allowing these participants to gain economic benefits from the infrastructure itself.

If more and more economic activities globally enter these operating systems, then the role of on-chain currencies like USDC will naturally expand. If global financial market activities and broader economic activities are mediated by these systems and on-chain organizations, then USDC, EURC, and other digital currencies will see very significant growth.

Question 6: If AI agents can autonomously discover services and use USDC for payments, what will become the most fundamental trust primitive before funds are transferred?

Questioner: pawansatoshix

Jeremy Allaire:

This is a question we have put a lot of thought into. In fact, we just published a paper last week titled "The Open Economy for Agents." It discusses what is needed to truly establish an agentic economic system. We also explain the foundational capabilities that the Circle Agent Stack already provides and the features we plan to develop for the remainder of this year.

Several issues need to be addressed here. First, Know Your Agent (KYA). Just as Circle needs to know its customers, we need to be able to verify the identities of end users, businesses, and other entities. Regulated financial institutions must complete this work, so Circle has already accumulated very strong capabilities in this area.

In the future, agent developers will also need KYA. When an agent interacts with other agents or when businesses and users interact with this agent, we need to use cryptography to provide verifiable proof, that is, through assertions, attestations, and verifiable identity, to prove who this agent is and what permissions and capabilities it has.

We hope these capabilities will integrate with existing agent identity, agent registry standards, and so on. The internet has already established mechanisms like Certificate Authorities to prove whether a network endpoint is trustworthy. The agent world also needs a similar assurance layer.

The second issue is reputation systems. Reputation systems are complex because ratings on internet platforms can be easily manipulated. We have seen this issue in various information lists and open marketplaces. Therefore, how to verify the capabilities and reputation of AI agents is a huge problem.

We are researching corresponding mechanisms. Ideally, a continuous feedback loop needs to be established: agents are used, transactions and settlements occur, users and other agents interact with them, and data generated from these real behaviors ultimately forms a more trustworthy reputation system.

The third is programmable policies. We have already begun to provide products in this area. The Circle Agent Wallet can now configure spending policies. Users can programmatically control how much an agent can spend and with whom it can transact. Circle will continue to enhance these capabilities.

These are all critical components of the entire trust system of the agent economy. Circle is also participating in industry standard development, including the x402 Foundation.

Question 7: Circle is clearly a long-term mission for you. What do you personally do to stay healthy and maintain the energy and clarity of mind needed to fulfill this mission?

Questioner: Lufei

Jeremy Allaire:

I really like this question. I can share some personal insights.

About ten years ago, I gradually realized that if I wanted to accomplish a complex long-term mission like Circle and always be at my best while working, I needed to change some of my lifestyle habits from my younger years. Therefore, I have become very disciplined in several areas.

First is what goes into my body. I pay a lot of attention to diet and physical health, strictly controlling what I consume.

Second is sleep. I have a very strict and stable sleep regimen. I believe it is very important to get enough time and high-quality sleep, so I do many things to ensure sleep quality.

Third is mindfulness. Mindfulness is also one of Circle's core values. It represents many things and is not limited to meditation. It includes how we face the world, active listening, and whether we can truly maintain focus and presence when interacting with others.

I feel this practice carries some Buddhist thoughts. It helps one avoid catastrophic thinking, which is imagining the worst outcomes when facing problems. When facing challenges, I try to remain calm, accept what happens, solve problems step by step, and move forward day by day. This is very important to me.

Additionally, overall physical health is crucial. I maintain a relatively active exercise routine and engage in different types of exercise. These habits are very important. They keep me energized and mentally sharp. At the same time, I feel I can connect more effectively with others, including my family and children. This balance is key.

Long-term, complex missions will continually present new challenges. They are not simple and will not be smooth sailing. Therefore, it requires very strong discipline to continuously face these matters. This is probably how I approach life and the mission of Circle.

Question 8: Does Circle have formal partnerships, recommendations, ecosystems, or business development plans that allow other companies to participate and help expand CPN?

Questioner: Cindy Wang @nomadcindyy

Jeremy Allaire:

The answer is: absolutely. There is an entry point on Circle's official website CPN page to apply to become a CPN partner.

In the latest earnings report, we mentioned that over 175 financial institutions have joined CPN and accessed the network in various ways. Depending on the type of business a company has, different ways to access CPN can be chosen.

At the same time, we are also enhancing the extensibility of CPN. This means that in the future, third parties can integrate various value-added services into CPN. For example, trade finance. We already have some cases involving providing credit facilities for cross-border settlements.

Circle has a dedicated business development team focused entirely on payments and CPN. This team is global, with personnel in various regions around the world.

Additionally, we have the Circle Alliance Program. This is Circle's broader global partnership program. There are now thousands of companies involved. Participating companies can gain various benefits and more opportunities to connect and collaborate with Circle.

Question 9: What measures has Circle taken to enable EURC to reach a circulation scale of 400 million dollars in such a short time? What measures can be taken in the future to maintain this growth momentum?

Questioner: somtouwazie504

Note: The questioner originally wrote 400 million dollars, but Jeremy clarified in his response that it is 400 million euros.

Jeremy Allaire:

We are very pleased with the early development of EURC. The circulation of EURC has surpassed 400 million euros. This is 400 million euros, not 400 million dollars. Currently, EURC is one of the largest digital euros globally.

Of course, compared to the thousands of billions of dollars in stablecoins, the entire euro stablecoin market is still very small. The total market value of all euro stablecoins is currently close to 1 billion euros.

The success of EURC comes from several factors. First, we entered very early. From day one, Circle has been very committed to launching a euro stablecoin under the European regulatory framework. We collaborated with European regulators and financial institutions and established the relevant infrastructure in advance. Therefore, when MiCA took effect, EURC was already ready to enter the market.

Second, we leveraged Circle's existing partner and distribution system. USDC has already established very extensive distribution relationships in the ecosystem, and EURC can expand directly on this basis. Many leading exchanges in Europe support EURC, and users can mint and redeem it 1:1 through various platforms.

We are also collaborating with leading DeFi protocols to establish EURC markets, lending markets, swap transactions, and USDC/EURC foreign exchange tools.

In the future, we are still in very early stages. Dollar stablecoins are still early, and digital euros and euro stablecoins are even earlier. I often use a phrase: on-chain money is superior to the current traditional electronic currencies and legacy money systems.

Therefore, the role of on-chain digital euros will only grow. With the implementation of MiCA and subsequent regulatory revisions, as well as Europe gradually opening up capital markets and real-world asset opportunities, the demand for euro stablecoins will also increase.

At the same time, programmable euro stablecoins will also see more use cases, such as programmable money and cross-border settlements. I believe EURC will also have opportunities in emerging markets, as global businesses and households may wish to further diversify their currency assets.

Circle has already initiated several measures to continue expanding EURC's role in the European and global markets.

Question 10: Arc often talks about the agentic economy, but is Arc's biggest advantage actually that it provides a user-friendly environment where consumer-facing blockchain products can hide crypto in the background, making it almost invisible to users?

Questioner: peterhaas

Jeremy Allaire:

That's a great question. The Arc public mainnet will launch on September 16, and we are very excited.

Arc has about five core capabilities. AI native and agentic applications are one of them. Interestingly, the factors that make Arc attractive to AI agents also make Arc more user-friendly for ordinary end users.

Arc is a stablecoin native chain. The network's gas fees and fee model use USDC. Therefore, a user of an Arc application does not need to first purchase another cryptocurrency, nor do they need to understand what gas fees are.

Arc's transaction fees are very low, usually only a fraction of a cent, so developers can fully absorb these costs themselves.

For example, you use Netflix. Netflix is built on Amazon Web Services, but when you pay Netflix, the bill does not specifically list an "AWS fee." You do not separately pay for Netflix's use of cloud computing infrastructure.

However, many blockchain applications in the past have been just like this. Users needed to understand and pay for the costs of the underlying computing network themselves. This is a very absurd user experience. Users have no reason to care about which computing network the application is using or how much the underlying transaction and data infrastructure costs.

Arc can completely eliminate this layer. Developers can absorb these transaction costs, just as companies absorb AI inference costs, AWS costs, and Google Cloud costs.

For enterprise developers, this will also be much more convenient. Enterprises typically do not want to hold various digital commodities and deal with complex accounting, compliance, and custody issues just to develop an application. If enterprises only need to hold digital dollars to run the infrastructure directly, it will be much simpler from financial, compliance, and legal perspectives.

Therefore, I strongly agree with the core judgment of your question. One of Arc's main design goals is to make the underlying operating system invisible to users.

Users only need to use the application, whether it is a financial application, governance application, or agentic application. Users care about the application itself and do not care about the underlying technology.

In the early adopter phase of a technology, users are usually willing to tolerate many technical barriers. But if blockchain is ultimately to serve billions of people, the underlying technology must become almost completely invisible. I believe Arc is one of the most important attempts in the history of the entire blockchain industry to achieve this seamless user experience.

And Circle's focus on achieving this goal will be on developers. Because for a platform business, the core is always the developers. It is essential to focus on how many developers you can attract, whether developers can succeed, and what kind of user experience developers can ultimately create.

Circle is now preparing many related products that will be launched alongside the mainnet launch in September. One of our focuses is to enable developers to create excellent user experiences very quickly, safely, and reliably. The current security threat environment is significantly different from the past, so safety, trustworthiness, infrastructure robustness, and simplicity have become very important.

Question 11: Even if the CLARITY Act does not pass in September, do you still believe that the adoption rate of USDC will continue to grow?

Questioner: Jasmine_Sanchez

Jeremy Allaire:

Short answer: absolutely.

First, stablecoins are becoming a legitimate part of the financial system globally. This trend is happening almost simultaneously around the world. Moreover, in many jurisdictions, the pace of stablecoin legislation is even faster than that of broader crypto asset market structure legislation. Japan is doing so, Europe is doing so, and the U.S. has already passed the GENIUS Act.

It will take effect in January next year, officially making digital dollars like USDC a part of the U.S. financial system and the dollar financial system. This is a significant advancement, and it will continue to drive demand, growth, and activity for stablecoins.

Of course, I believe the CLARITY Act is also very important. Because we want the entire industry and other markets to have clear rules, including trading markets, derivatives markets, tokenization, and capital markets. We hope these areas will have clear registration and regulatory structures.

This is important for consumer protection, market competitiveness, and U.S. competitiveness. However, whether the CLARITY Act passes will not determine whether stablecoins can continue to grow. There is a synergy between the two, but stablecoin adoption has its own independent growth logic.

Additionally, I think it is easy for everyone to over-focus on the U.S. and U.S. policies. U.S. policy is certainly very important and will influence global policy. But digital assets and digital currencies themselves are highly globalized, and blockchain infrastructure itself is a globalized computing infrastructure, with relevant regulatory systems being introduced worldwide.

In fact, a significant portion of stablecoin adoption is happening outside the U.S. Our opportunities come from 185 countries. Many countries around the world are generating demand for stablecoins.

So if you only focus on "what rules U.S. companies can currently operate under," it is easy to overlook the true scale of the entire trend. This is a highly global phenomenon, and Circle itself is also a global company within this trend.

Of course, we still hope to see relevant laws formally passed. If it does not pass in September, Congress will continue to push forward afterward. Meanwhile, U.S. regulators have clearly stated that they will allow the digital asset market to develop in a trustworthy, safe, and compliant manner through regulatory guidance and rulemaking.

Therefore, even if the CLARITY Act does not pass in September, I still believe that the development of USDC will continue.

Closing Remarks

Thank you all for participating in today's AMA. It has been a very enjoyable conversation. I look forward to continuing to engage with everyone in the coming quarters. Thank you.