Yesterday, we discussed that the bank's reserve balance has been in a fluctuating downward trend since it reached its annual high in mid-March. Today, I have a similar feeling about the USDC issuance volume. The USDC issuance volume has been declining since its annual high in early April, reaching a bottom in mid-July. However, it has quietly increased the issuance volume recently, and it has already surpassed the previous annual high at the end of March and early April. From the lowest point in June to now, the additional issuance is close to $3 billion. Of course, the USDT issuance volume has been increasing all the time. For the current North American capital-dominated market, does the increase in USDC issuance volume mean that the sentiment in the US crypto market is gradually recovering? @MaoShu_CN, Uncle Mao has always been paying attention to the stablecoin data. How do you see this? @Murphychen888, M brother, can you compare this with the situation of purchasing power in the US region you previously released.