$CRCL Back above 60, a few thoughts:

1. CRCL is like Tesla, stablecoin compliance is like open source. After open source, everyone can make electric cars, but it's still best for Tesla, because only then will people develop the habit of driving EVs, and the entire market will grow faster. In a growing market, everyone can find their own niche and take a slice—some go for fancy interiors and big screens, others go for FSD.

2. No matter how bullish you are on a target, you can't go all-in—what matters isn't what you think, but what the market thinks.

3. Moats have to be fought for. Whether you can win depends on how it plays out—but you have to fight. I tend to think challenging USDC is not an easy thing.

4. Value investing depends on holding, but what makes holding hard? Because there will always be various challenges and uncertainties.

5. The difference in skill level in investing actually comes down to how you see things and what you do during the hardest times—everyone has to pay for their own choices.

6. CRCL's future challenges come from three areas:
1. Various stablecoins will keep emerging—some targeting B2B, some for internal use at investment banks. In the open market, the number one compliant stablecoin is still USDC.
2. CB's revenue share will persist for a long time—if CB wants to push something new, even better, then everyone renegotiates the agreement; if not, then you continue helping expand USDC's market share and get paid.
3. In the future, how much of the compliant B2B USDC market you can capture is pure upside—but the baseline assumption should be you capture very little. The main focus is still retail and open markets, which crypto currently can't rely on. Then there's trading and prediction markets. The most important growth variable is which stablecoin will be used for compliant on-chain equities in the US. Theoretically, no single coin will be designated (for example, USD1 could also be used), but ultimately it depends on user choice. This area still needs observation—it's the most important mid-term variable to watch.