Many people have recently asked me to talk about CIRCLE! The true $USDC reserve interest sharing model (2023 agreement): 1. $COIN platform reserves: 100% to $COIN. 2. $CRCL platform reserves: 100% to $CRCL. 3. Third-party platform reserves: 50/50 split between the two parties. 🔥 Strategic Focus: This agreement will be renegotiated in August 2026. The adjustment of the profit distribution at that time will be the biggest determinant of $CRCL's valuation and future revenue trajectory. Four key drivers for $CRCL (Circle) valuation: 1. Interest Rate Environment 📈: The core factor determining USDC reserve interest income. A decline in Federal Reserve interest rates directly impacts the company's profitability. 2. Strategic Renegotiation 🤝: The August 2026 agreement renewal with $COIN will redefine the distribution ratio of the largest revenue source for the next few years. 3. Market Share 🛡️: The competitive landscape between $USDC and rivals like $USDT is the cornerstone of the company's growth. 4. Regulatory Implementation 🏛️: The final version of the US stablecoin bill will define Circle's business model and its regulatory "moat."