For core assets, user BTC holdings increased from 17.216 BTC in the previous period to 19.054 BTC, while the platform's reserves reached 25,292 BTC, resulting in an excess reserve ratio of 32.73%. User ETH holdings amounted to 344,935 ETH, with the platform's reserves rising to 423,960 ETH, producing an excess reserve ratio of 22.91%. In Stablecoins, user USDT holdings were recorded at 1.418 billion tokens, while the platform's reserves amounted to 1.432 billion tokens, with an excess reserve ratio of 1.00%; user USDC holdings were 89 million tokens, with the platform's reserves at 117 million tokens and an excess reserve ratio of 30.75%; user USD1 holdings surged from 6.82 million tokens in the previous reporting period to 712 million tokens, while the platform's reserves reached 782 million tokens, resulting in an excess reserve ratio of 9.87%; the scale of GUSD user assets further increased from 108 million tokens in the previous period to 185 million tokens, while the platform's reserves were recorded at 319 million tokens, producing an over-collateralization ratio of 72.81%.$BTC