This is an excellent question. From an interest rate perspective: A $80 billion scale * 4% annualized = $3.2 billion annual return A $800 billion scale * 1% annualized = $8 billion annual return Increasing scale will undoubtedly increase the absolute return of USDC, but the biggest question is how to increase USDC's scale from $80 billion to $800 billion? Keep in mind that USDT's current scale is less than $190 billion, while USDT's use cases are several times larger than USDC's, especially in gray market activities, cross-border transactions, and payment channels. And how much of these uses are actually related to "compliance"? Furthermore, for USDC, interest rate cuts don't simply reduce interest rates themselves. One of the biggest effects of interest rate cuts is accelerating USD liquidity. I can admit that USDC will become increasingly like USD in the US, but USDC can do everything USD can do, and USD can do things USDC can't do—it's just a matter of efficiency. Therefore, I think it's somewhat difficult to achieve a tenfold increase during an interest rate cut cycle. twitter.com/Phyrex_Ni/status/2...