Several hedge fund friends asked me if I wanted to buy, and my reply was always "meh." Being the navy in an industry full of pirates is too exhausting. First, P/E ratio—expensive; second, distribution costs are high—50% of the money goes to Coinbase (just like a game studio paying taxes to Tencent), unlike USDT (they don't subsidize traffic scenarios for exchanges, yet they remain the industry leader); third, compared to "offshore non-compliant players," being "compliant" comes at the cost of being "expensive," which ultimately affects net profit. USDT, as a "non-compliant player/industry leader," is also gradually becoming compliant (Cantor invested in them/their CEO went to the White House for meetings to pledge allegiance); fourth, even in the "compliant" track, it seems Circle hasn't really built a true moat despite over a decade of accumulation. In the future, players with scenarios and traffic will issue their own tokens—PayPal has already done so, and even major Correspondent Banks (like JP Morgan) that handle over $5 trillion in daily Swift transactions might enter the game. The "compliant track" is also an infinite game.