CRCL's financial report is out, and most data chains can monitor it in real time. However, one figure deserves special mention: non-reserve interest income: 24Q4: $3M 25Q3: $28M 25Q4: $37M 2026 guidance: $150-170M One of the core reasons the market was bearish on CRCL before was its over-reliance on interest income, which would be unfavorable during a rate-cutting cycle. Now, although the guidance for non-interest income (partner services + transaction revenue) only accounts for about 5% of total annual revenue, the growth curve is already very clear. Trends are more important than absolute values, which is why CRCL's profit margin slightly increased to 40% quarter-on-quarter. Another catalyst is the growing narrative surrounding AI agent payments. The idea that stablecoins are naturally suitable for inter-agent payments has been around for almost two years, and the explosive popularity of OpenClaw has made the market take it seriously. CRCL has thus become the most direct target in this field. Looking at today's USDC supply: the bad news is that it hasn't increased for six months, remaining around 75B. The good news is that even though BTC has fallen to 60K, the USDC supply has not decreased, which to some extent indicates that non-crypto trading use cases are gradually supporting the basic market.