This is a common misunderstanding regarding COINBASE and CRCL. The essence is a lack of understanding of the importance of the business model. The stablecoin business model represents a second growth curve for the US dollar and US Treasury bonds. Supported by the blockchain revolution and US national strategy, stablecoins will become a trillion-dollar industry. The current so-called distributors will be insignificant in the future. The stablecoin business model has vast potential. COINBASE's business model is nearing its limit.

Banks attract deposits with a 2% interest rate and lend them out at 4%, earning the interest rate spread and supporting countless employees. The lent-out money may become bad debt, but this business model gave rise to the "universal bank" business model. Stablecoins, with their future large scale, can attract deposits with 0% interest and earn a risk-free return of 3%. If you can't understand the fundamental principles, all your thinking is worthless.