From a revenue structure perspective, exchanges account for the vast majority of stablecoin revenue, while the margin in payment scenarios is extremely low. Although the growth is significant, it cannot compensate for the shortfall caused by the partial contraction of exchanges in the short term. Since Chen Zhi was wanted by the police, USDT has maintained a negative premium against USDC for an extended period. This is not noticeable in trading (historically, USDC has more often had a negative premium against USDT), but even a difference of less than 0.1% in payment transactions has a substantial impact. DT withdrawal costs are close to 15bps, and only some non-compliant or restricted scenarios are willing to use it, creating a negative cycle to some extent.