Today $CRCL fell below $200 and just wanted to talk about it. Yesterday I talked with @YeruiZhang Rui Shen on the topic of CRCL, I like Rui Shen very much about the way Rui Shen calculates the valuation of CRCL, and many of our friends are different, Rui Shen said that the market value of CRCL can refer to the extent of the decline of VIAS and MSTERCARD. I compared the trend of $V and $MA is highly overlapping, after all, the business of the two is also highly consistent, when CRCL came out, both were affected and fell, the main reason for the decline is that the market expects that CRCL may seize the space of the two in the payment market. Of course, this is just an expectation, the market still likes to expect more, but if you look at it in this way, the market will gradually react, to the C side, CRCL still has a long way to go, in developed countries, it is very difficult to enter the current payment market, and it is difficult to change user habits, not to mention that although CRCL looks good at profitability, the channel fees paid are higher. This is not counting, if 2026 begins to enter a comprehensive interest rate cut, then CRCL's revenue will inevitably be hit, it would be good to maintain the current 30%, the single income structure is the main problem of compliant stablecoins, which may also be the reason why Tether does not want to comply in the United States, because compliant stablecoins cannot be "banks". If the interest rate of U.S. bonds returns to 0.25% or 0.5% in 2028, then CRCL's profitability will be ugly, not to mention that CRCL has to pay channel fees such as #Binance and #Coinbase, so whether the remaining money is enough to support CRCL to explore new markets. Of course, there is no problem with financing, and the listing itself is for financing, but it is not clear whether the money raised can help CRCL open up the payment market and get a piece of the pie, and whether it is even possible to be restricted by the joint restrictions of VISA and MASTER. It's no problem to benchmark PayPal when the imagination is developing, but PayPal also has its own stablecoin, PAUSD, which is also the beneficiary of this stablecoin bill, and Paypel repayment and cross-border fields, and re-business areas are not that CRCL can catch up. So from the trend point of view, if Rui's statement is true, then as long as the rise caused by the positive news of VISA and MASTER, it may be the decline of CRCL.