Circle Q2 Investor AMA: 11 Q&A Transcript on USDC, Arc, and the Future of Finance

Time: August 19, 2026

Speaker:Jeremy Allaire ,Co-founder, Chairman and CEO of Circle

Organized by: lufei

On August 19, 2026, Circle Co-founder, Chairman, and CEO Jeremy Allaire held an investor-focused Q2 2026 Earnings AMA. During the nearly 47-minute exchange, he answered 11 questions covering Circle's organizational execution, the real-world applications of stablecoins, USDC's global payment opportunities, Circle's long-term business model, the five-year vision for Arc, the trust foundations for the AI agent economy, CPN, EURC, and the impact of the CLARITY Act on USDC's growth.

To help readers quickly grasp the core content of this AMA, here is a list of the 11 questions Jeremy Allaire answered this time:

• As Circle continues to expand into areas like payments, Arc, capital markets, and financial infrastructure, what gives you the most confidence in the team's execution capability? And what are the most needed capabilities to strengthen currently?

• In your opinion, what real-world financial problem are stablecoins currently closest to solving at scale?

• Where do you see the biggest opportunity for USDC in the global payments field?

• Jeremy, in the long term, do you think Circle's primary economic engine will be the reserve income from USDC, or the transaction and infrastructure revenue built around USDC?

• What are your expectations or visions for the development of USDC and Arc over the next 5 years?

• If AI agents can autonomously discover services and pay for them using USDC, what would become the most fundamental trust primitive before funds are transferred?

• Circle is clearly a long-term mission for you. To stay healthy and maintain the energy and clarity of mind needed to fulfill this mission, what do you personally do in your daily life?

• Does Circle have formal partnership, referral, ecosystem, or business development programs that allow other companies to participate and help expand the CPN?

• What measures has Circle taken to enable EURC to reach a circulation scale of 4 billion dollars in such a short time? And what future measures can sustain this growth momentum?

• Arc often talks about the agent economy, but is its biggest advantage actually in providing an end-user-friendly environment where consumer-facing blockchain products can hide Crypto in the background, making it almost invisible to users?

• Even if the CLARITY Act is not passed in September, do you still believe USDC adoption will continue to grow?

Below is the complete transcript of these 11 questions and Jeremy Allaire's answers in the order they occurred during the AMA.

Opening

Good morning, good afternoon, or good evening, wherever you are. Welcome to this earnings AMA for Circle. I'm thrilled to have this opportunity to answer your questions and connect with everyone following Circle, including our strategy and the things we are working hard to execute.

We just released the Q2 earnings report and have shared a lot of information. Now we want to open up the discussion further, giving a broader audience of Circle followers a chance to ask questions. You can continue submitting questions during the AMA, and we will try to select more to answer.

Question 1: As Circle continues to expand into areas like payments, Arc, capital markets, and financial infrastructure, what gives you the most confidence in the team's execution capability? And what are the most needed capabilities to strengthen currently?

Questioner: Lufei

Jeremy Allaire:

This is an excellent question. As CEO, I often think about the team's current execution and how we need to continue evolving as the company grows. First, I think Circle is executing exceptionally well overall. Since the IPO, our product velocity has been very fast, with the speed at which new products and capabilities are brought to market being quite remarkable.

This capability is built upon a very strong cross-functional collaboration system that Circle has developed over many years. We need to simultaneously launch financial infrastructure, regulated financial products, and platform infrastructure products, which requires long-term, high-level coordination between different teams. Also, while Circle has been growing the team, our headcount growth has remained slow and steady overall. We haven't adopted a model of explosive expansion or mass hiring. We've been intentionally controlling growth speed, aiming to build sufficient institutional depth within the company. Many leaders in core business units and key positions have been working with us for a long time, resulting in strong institutional cohesion within Circle.

Another crucial point is this. Like many companies, we have begun to deeply utilize AI and agentic infrastructure. This started earliest within the software engineering team and is now expanding across the organization. I often tell Circle employees that this is likely one of the most significant opportunities of your career because AI acts as a new capability amplifier, even a new kind of "superpower."

Those who can truly harness this ability need stronger interdisciplinary and cross-functional skills. The most efficient people in the future will be those who can coordinate both humans and AI agents and work across different domains. We are already seeing this further accelerate the pace at which Circle launches new products.

From my personal experience, I've been involved in internet software platform development for about 30 years. Many of Circle's product and engineering leaders also come from leading global tech companies. Therefore, we always see Circle as a technology company. The problems we solve are fundamentally highly dependent on technological innovation. Circle's pace of technological innovation is accelerating, which is critical.

As for areas needing strengthening, they will always exist. As Circle increasingly resembles the financial market infrastructure relied upon by leading global enterprises and financial institutions, we need to build some new capabilities. One very important area is cyber risk. This risk is evolving rapidly, especially in the Crypto industry, and also affects the entire tech and finance sectors. Therefore, strengthening security capabilities is vital.

Another area is globalized operations. Circle first built its core markets, then gradually entered major financial centers, establishing local infrastructure, liquidity, and operational capabilities there. Now, we see huge growth opportunities in dozens of emerging markets and other countries worldwide. Therefore, we are building stronger localization capabilities, including personnel, operations, and infrastructure, to deeply penetrate these markets. The demand for Arc, CPN, USDC, stablecoins, and other Circle digital asset products in these regions is very strong. These are the focus areas we are currently strengthening.

Question 2: In your opinion, what real-world financial problem are stablecoins currently closest to solving at scale?

Questioner: viralfacts3122

Jeremy Allaire:

We think about this question very frequently. I often say that stablecoins are a universal type of digital currency architecture. If you look at the uses of stablecoins today, you see a very broad spectrum.

At the most micro end, an AI agent can pay a fraction of a cent to another AI agent for cognitive labor like inference or data processing. The traditional financial system could never support such transactions in the past. At the other end of the spectrum, large capital markets institutions are using stablecoins and USDC as working capital and collateral, and within financial infrastructure for traditional derivative markets. Large multinational corporations are also starting to use Circle products and stablecoins for global treasury management, intra-group fund transfers, etc.

Returning to the core of the question: which scenarios have already achieved real, large-scale product-market fit? We see several clearly.

First, the digital asset markets. Stablecoins provide a round-the-clock, globally available, reliable digital dollar. When the market itself operates 24/7, globally, this currency is a perfect fit. Naturally, the earliest product-market fit emerged in digital asset markets. Here, stablecoins serve as working capital, collateral, cash, trade settlement, and payments, demonstrating very strong product-market fit.

And the digital asset markets themselves are evolving. The range of assets handled by this market in the future will broaden, no longer limited to Bitcoin or traditionally defined crypto assets but encompassing all asset types and real-world assets (RWA). We are seeing a trend: the capabilities of 24/7 markets, digital asset tokenization, and globally software-defined markets are gradually entering traditional capital markets.

Stock trading, commodity trading serve real economic functions like price discovery and capital allocation. Therefore, the convergence of traditional finance and onchain finance has begun, though still in its early stages.

The second scaled application is digital dollar value storage in emerging markets. Globally, demand for digital dollars like USDC is growing. For SMEs, households, and even some large enterprises, stablecoins are starting to become a tool approximating a "$1 bank account substitute". They use stablecoins to replace some local banking functions.

This supports commercial activities, savings, investments, and cross-border payments. Looking at the hundreds of millions of people globally using stablecoins, this is already a problem being solved at scale. Of course, this market can become much larger.

The third clear scenario is cross-border settlement and international payments. Stablecoins can serve as the settlement leg in cross-border transactions. And increasingly, stablecoins themselves become the final funds received. That is, USDC can be used for payment, receipt, value storage, and cross-border fund movement simultaneously. We already see this happening within the CPN.

Numerous cross-border payment companies, fintechs, and banks are partnering with Circle to integrate USDC into their cross-border settlement capabilities. Major payment networks like Visa and Mastercard are also adopting stablecoins for cross-border settlement. An issuing institution in one market can settle funds in another market very quickly.

Next, I believe the agentic economy will become a very large area. Stablecoins, programmable money, and machine-mediated financial infrastructure are naturally suited to the world of AI agents. Additionally, the penetration of stablecoins into traditional financial markets and the convergence of TradFi and onchain finance will continue.

Ultimately, we believe stablecoins will enter the retail merchant payment scenario. It can significantly improve merchants' unit economics while creating new value for consumers, such as membership benefits and reward mechanisms. I think this scenario will emerge gradually in the coming years. In the long term, we believe this form of currency is very suitable for merchant acceptance. This market still has some distance to go before achieving truly large-scale application.

Question 3: Where do you see the biggest opportunity for USDC in the global payments field?

Questioner: fascinatingwatch594

Jeremy Allaire:

This mainly includes several aspects. First, cross-border settlement. Second, capital market payments and settlement. Third, agentic payments.

AI agents inherently exist in the cloud and on the internet, and they exhibit strong determinism when executing tasks. We've already observed that on agent payment protocols like x402, over 99% of agent payments use USDC. AI agents need a reliable currency, a widely accepted unit of account, fast settlement, extremely low cost, and deterministic execution. USDC fits these needs very well for agents.

Another significant opportunity is retail payments. One model growing very fast now is the "stablecoin card". Many new neo-banking products are built on stablecoins. Users have a digital wallet with stablecoins, can send and receive them, deploy them into DeFi, invest in digital assets and RWAs, while also using their stablecoin balance for merchant spending via traditional card networks. Circle collaborates with almost all major companies in this space, and we see very strong growth here.

Looking further ahead, I think point-of-sale (POS) payments will also change. In many markets in Asia and Latin America, QR codes have become a significant POS payment method. Therefore, the leap from "holding stablecoins in a mobile wallet" to "instantly settling stablecoins directly to the merchant via QR code" isn't very far off.

Achieving this doesn't necessarily require traditional card terminals. The world has already proven that entire payment acceptance systems can be upgraded using just QR codes. The unit economics driven by instant settlement and extremely low fees are critical.

As stablecoins increasingly become legitimate electronic money in major markets, especially after the US GENIUS Act takes effect, I believe the entire merchant acceptance chain will accelerate its upgrade. More merchant payment infrastructure companies will begin supporting stablecoin payments. This process will take some time to reach scale, but the direction is very clear.

Question 4: Jeremy, in the long term, do you think Circle's primary economic engine will be the reserve income from USDC, or the transaction and infrastructure revenue built around USDC?

Questioner: noahplumb5409

Jeremy Allaire:

This is a very important question. I often tell investors, the board, and employees that we are still in the very early stages of this market opportunity's development.

Currently, the entire onchain stablecoin market is only about $300 billion. The onchain infrastructure supporting this new financial economic system, although developed over a decade, is only now maturing to a level where institutions can truly adopt it. The technology is reaching a level acceptable to regulators and policymakers, enabling the potential migration of global economic activity to this infrastructure.

If you look at the total addressable market (TAM), including electronic money itself and the various functions built on top of it—like capital markets, payments, fund transfers, and financial infrastructure—you realize our current position is very small.

I like to use the internet as an analogy. I think today's onchain finance and stablecoins are roughly at the 2002 stage of the internet. The internet had its first wave, saw some great products emerge, many failures, and a lot of capital had entered. But the entire industry was still at the very forefront.

2002 was even near a tech bear market for the internet. Yet, from that point on, the internet began to scale continuously, mature, and eventually permeate all of society. The web, internet software, digital media, and communications became ubiquitous. I believe the internet financial system, stablecoins, and onchain infrastructure are roughly at that stage today.

This implies several things. First, stablecoin scale will grow from hundreds of billions to trillions of dollars. Our view is that stablecoins are a superior, safer form of money and will therefore circulate very widely in the long term.

To expand stablecoins from hundreds of billions to trillions, Circle must partner with and incentivize distribution channels and platforms worldwide. We need to collaborate with world-class financial companies, tech companies, and fintechs, have them embed Circle's infrastructure, adopt it, allow these partners to earn revenue from it, and also enable them to reward their users. Only then can USDC scale from today's size to its future potential.

Therefore, reserve income will remain a very strong economic engine for Circle. At the same time, these earnings will be distributed more broadly across the ecosystem. The ecosystem grows, all participants grow together. Circle must continuously manage the allocation of benefits within that.

Our goal is not to maximize profits from today's existing business as much as possible. Our goal is to build the entire ecosystem to a multi-trillion-dollar scale, integrating USDC widely into the global financial and economic system.

Simultaneously, we are also very intentionally building many other products, platforms, and services. This includes blockchain infrastructure transaction revenue and various new partnership models.

CPN is a very unique example. CPN is an onchain payment network. This network has only been truly operational for about a year, yet it's already showing very strong growth. We believe it can monetize based on per-transaction fees in the future, while also embedding other value-added services into the network for additional monetization.

Then there's Arc. We view Arc as a new kind of economic operating system. It creates an entirely new business model. In terms of opportunity scale, we even see it as an Amazon Web Services-level opportunity.

Think of Arc as an economic cloud. We believe it will be used for a very wide range of applications in the future. As AI accelerates development, the number of applications will further increase, making Arc a very important new revenue source for Circle.

So, Circle will continue to earn from reserve income while expanding USDC's scale and network effects. On this foundation, we will scale upward into the application layer and downward into the infrastructure layer, simultaneously diversifying revenue through more digital assets, protocols, and platforms.

Question 5: What are your expectations or visions for the development of USDC and Arc over the next 5 years?

Questioner: 0xbankas

Jeremy Allaire:

Let's start with Arc. Circle has been thinking about the problem of "internet economic activity infrastructure" for about 13 years.

When we founded Circle in 2013, a foundational idea was that blockchains would ultimately become distributed computing networks. People could deploy code—smart contracts—onto these networks, enabling software to directly participate in and coordinate economic activity. Simultaneously, any type of record and any type of asset could be issued onto these computing networks.

In 2013, this idea sounded very far-fetched. Over the past decade-plus, we've seen many iterations in this direction. Now, we are entering a very special moment.

The legal system is beginning to prepare for this technology. The technology has roughly entered its fourth generation of capabilities. Global governments, leading financial institutions, and tech companies are starting to realize that this kind of economic infrastructure will become a very important part of the future.

Many people previously thought blockchain was mainly for trading speculative crypto assets or, at most, payments. Our view goes further: blockchain is becoming an operating system. It's a distributed network operating system specifically for running applications with economic properties.

This involves things far beyond "storing and transferring money." It will ultimately host the economy itself.

Think about what a company is. A company is essentially a set of contractual relationships. It includes ownership structure, contracts around ownership, mechanisms for investments to enter the company, mechanisms for paying cash flows and dividends to investors, the company's treasury management, and various contracts needed to operate globally.

In the future, the entire mechanism of corporate operation will migrate to the onchain world. We will see onchain corporations. These onchain corporations will increasingly be coordinated by software, which itself is increasingly created and executed by AI.

I have a broader assessment: operating systems for intelligence and operating systems for economic activity will gradually converge. I believe we will see this trend truly unfold over the next five years.

The form of enterprises will become increasingly onchain and agentic. Interactions between companies, transactions, contract signing, and entire corporate back-office systems will gradually migrate to this environment.

Circle hopes to build Arc together with a vast number of different global participants, including those who operate the infrastructure, upgrade it, govern it, and allow these participants to gain economic benefits from the infrastructure itself.

If more and more global economic activity enters these operating systems, then the role of onchain money like USDC will naturally expand. If global financial market activity and broader economic activity are mediated by these systems and onchain organizations, then we will see very significant growth for USDC, EURC, and other digital currencies.

Question 6: If AI agents can autonomously discover services and pay for them using USDC, what would become the most fundamental trust primitive before funds are transferred?

Questioner: pawansatoshix

Jeremy Allaire:

This is a question we've invested significant thought in. In fact, we just published a paper last week titled "The Open Economy for Agents". It discusses what is needed for a true agentic economic system to be established. We also explain the foundational capabilities already provided by the Circle Agent Stack and the features planned for development for the remainder of this year.

Several problems need solving here. First, Know Your Agent. Just as Circle needs to know its customers, we need to be able to verify the identity of end-users, businesses, and other entities. Regulated financial institutions are already required to do this work, so Circle has built very strong capabilities in this area.

Future agent developers will similarly need KYA (Know Your Agent). When an agent interacts with other agents, or when businesses and users interact with that agent, we need to use cryptography to provide verifiable proof—through assertions, attestations, and verifiable identity—about who the agent is and what permissions and capabilities it possesses.

We want these capabilities to integrate with existing standards for agent identity, agent registries, etc. The internet previously established mechanisms like certificate authorities to prove a network endpoint's trustworthiness. The agent world similarly needs a comparable assurance layer.

The second issue is reputation systems. Reputation systems are complex because ratings on internet platforms can be easily manipulated. We've seen this problem across various listings and open marketplaces. Therefore, how to verify an AI agent's capabilities and reputation is a huge challenge.

We are researching corresponding mechanisms. Ideally, we need to establish a continuous feedback loop: agents are used, transactions and settlements occur, users and other agents interact with them, data is generated from these real behaviors, eventually forming a more trustworthy reputation system.

The third is programmable policies. We have already started offering products in this area. The Circle Agent Wallet can already be configured with spending policies. Users can programmatically control how much an agent can spend, with whom it can transact, etc. Circle will continue enhancing these features.

These are all very crucial components of the overall trust system for the agentic economy. Circle is also involved in industry standards development, including with organizations like the x402 Foundation.

Question 7: Circle is clearly a long-term mission for you. To stay healthy and maintain the energy and clarity of mind needed to fulfill this mission, what do you personally do in your daily life?

Questioner: Lufei

Jeremy Allaire:

I really like this question. I can share some personal habits.

About a decade ago, I gradually realized that if I were to fulfill a complex, long-term mission like Circle and consistently bring my best self to the work, I had to change some lifestyle habits from my younger years. Therefore, I became very disciplined in a few areas.

First is what goes into my body. I am very mindful of diet and physical health, strictly controlling what I consume.

Second is sleep. I have a very strict and stable sleep routine. I believe getting enough time and high-quality sleep is crucial, so I do many things to ensure sleep quality.

Third is mindfulness. Mindfulness is also one of Circle's core values. It represents many things, not limited to meditation. It includes how we engage with the world, active listening, and whether we can truly maintain a state of focus and presence when interacting with others.

I find this practice has some Buddhist philosophical elements. It helps one avoid falling into catastrophic thinking—constantly imagining the worst possible outcome when facing a problem. When facing challenges, I try to remain calm, accept what happens, solve problems step by step, and move forward day by day. This is very important to me.

Then there's overall physical health. I maintain a fairly active exercise routine, doing different types of exercise. These habits are very important. They keep my energy levels and mental acuity high. Also, I feel I can connect more effectively with others, including my family and children. This balance is critical.

A long-term, complex mission constantly presents new challenges. It won't be simple or smooth sailing. Therefore, strong discipline is necessary to continuously face these things. That's roughly my approach to life and the Circle mission.

Question 8: Does Circle have formal partnership, referral, ecosystem, or business development programs that allow other companies to participate and help expand the CPN?

Questioner: Cindy Wang @nomadcindyy

Jeremy Allaire:

The answer is: Absolutely. There is an application portal to become a CPN Partner on the CPN page of Circle's website.

In the latest earnings report, we mentioned that over 175 financial institutions have already joined the CPN, accessing the network in different ways. Depending on a company's business type, they can choose different methods of access.

Simultaneously, we are also increasing the extensibility of the CPN. That is, in the future, third parties can plug various value-added services into the CPN. For example, trade finance. We already have some cases involving providing credit facilities for cross-border settlement.

Circle has a dedicated business development team entirely focused on payments and the CPN. This team is global, with personnel in all regions worldwide.

Additionally, we have the Circle Alliance Program. This is Circle's broader global partner program. It already includes thousands of companies. Participating companies receive various benefits and more opportunities to connect and collaborate with Circle.

Question 9: What measures has Circle taken to enable EURC to reach a circulation scale of 4 billion dollars in such a short time? And what future measures can sustain this growth momentum?

Questioner: somtouwazie504

Note: The questioner originally wrote 4 billion dollars, but Jeremy explicitly corrected it to 4 billion euros in his answer.

Jeremy Allaire:

We are very pleased with EURC's early development. EURC circulation has exceeded 4 billion euros. That's 4 billion euros, not 4 billion dollars. EURC is already one of the largest digital euros globally.

Of course, compared to the multi-trillion-dollar size of dollar stablecoins, the entire euro stablecoin market is still small. The total market cap of all euro stablecoins is currently around 10 billion euros.

EURC's success stems from several factors. First, we entered early. From day one, Circle was very firmly committed to launching a euro stablecoin under the European regulatory framework. We collaborated with European regulators and financial institutions, establishing the necessary infrastructure in advance. So, when MiCA came into effect, EURC was ready to enter the market directly.

Second, we leveraged Circle's existing partnership and distribution system. USDC had already established very broad distribution relationships within the ecosystem, and EURC could expand directly on this foundation. Many leading European exchanges support EURC, and users can mint and redeem it at 1:1 through various platforms.

We also partnered with leading DeFi protocols to establish EURC markets, lending markets, swap exchanges, and USDC/EURC foreign exchange tools.

The future is still very early. Dollar stablecoins are early; digital euros and euro stablecoins are even earlier. I often use the phrase: onchain money is superior to current traditional electronic money and legacy monetary systems.

Therefore, the role of onchain digital euros will only grow. As MiCA and subsequent regulatory revisions progress, and as Europe gradually opens up to capital market and real-world asset (RWA) opportunities, demand for euro stablecoins will also increase.

Simultaneously, programmable euro stablecoins will find more uses, such as in programmable money and cross-border settlement. I think EURC also has opportunities in emerging markets, as global businesses and households may wish to further diversify their currency holdings.

Circle already has multiple initiatives underway to continue expanding EURC's role in European and global markets.

Question 10: Arc often talks about the agent economy, but is its biggest advantage actually in providing an end-user-friendly environment where consumer-facing blockchain products can hide Crypto in the background, making it almost invisible to users?

Questioner: peterhaas

Jeremy Allaire:

This is a great question. The Arc public mainnet will launch on September 16, and we are very excited.

Arc has roughly five core capabilities. AI-native and agentic applications are one of them. But interestingly, the factors that make Arc attractive for AI agents also make it more user-friendly for ordinary end-users.

Arc is a stablecoin-native chain. The network gas fees and fee model use USDC. Therefore, a user of an Arc application doesn't need to first purchase another crypto token, nor even understand what a Gas Fee is.

Arc's transaction fees are very low, typically fractions of a cent, so developers can easily cover these costs themselves.

Take an example. You use Netflix. Netflix is built on Amazon Web Services, but when you pay Netflix, your bill doesn't have a separate line item for "AWS fees." You don't separately pay the cost of the cloud computing infrastructure Netflix uses.

Yet, that's precisely how many blockchain applications have worked in the past. Users needed to understand and pay for the underlying computing network's costs themselves. This is a ridiculous user experience. Users have no reason to care which computing network an application uses or what the underlying transaction and data infrastructure costs are.

Arc can make this layer completely disappear. Developers can absorb these transaction costs, just as a development company absorbs AI inference costs, AWS costs, or Google Cloud costs.

This is also much more convenient for enterprise developers. Enterprises typically don't want to hold various digital commodities, perform complex accounting, handle compliance, and custody issues just to develop an application. If enterprises only need to hold digital dollars to directly run infrastructure, it becomes much simpler from financial, compliance, and legal perspectives.

Therefore, I very much agree with the core assertion of your question. A primary design goal of Arc is to make the underlying operating system invisible to users.

Users just use the application, whether it's a financial app, governance app, or agentic app. Users care about the application itself, not the underlying technology.

In the early adopter stage of a technology, users are often willing to tolerate many technical hurdles. But if blockchain is ultimately to serve billions of people, the underlying technology must become almost entirely invisible. I believe Arc is one of the most significant attempts in blockchain industry history to achieve this seamless user experience.

And Circle's focus in achieving this will be on developers. Because for a platform business, the core is always developers. It's about how many developers you can attract, whether developers can be successful, and what kind of user experience developers ultimately create.

Circle is now preparing many related products to launch alongside the September mainnet launch. One of our focuses is enabling developers to create excellent user experiences very quickly, safely, and reliably. The security threat environment today is markedly different from the past, so safety, trustworthiness, infrastructure robustness, and simplicity have become paramount.

Question 11: Even if the CLARITY Act is not passed in September, do you still believe USDC adoption will continue to grow?

Questioner: Jasmine_Sanchez

Jeremy Allaire:

Short answer: Absolutely.

First, stablecoins are becoming part of the legitimate financial system globally. This trend is happening almost simultaneously worldwide. And in many jurisdictions, stablecoin legislation is advancing even faster than broader crypto asset market structure legislation. This is true in Japan, Europe, and the US has already passed the GENIUS Act.

It will take effect next January, formally making digital dollars like USDC part of the US financial system and the dollar financial system. This is a very significant development; it will continue to drive stablecoin demand, growth, and activity.

Of course, I also believe the CLARITY Act is very important. Because we want clear rules for other markets in the industry, including trading markets, derivatives markets, tokenization, and capital markets. We want clear registration and regulatory structures for these areas.

This is important for consumer protection, market competitiveness, and US competitiveness. But whether CLARITY passes or not does not determine whether stablecoins themselves can continue to grow. There is synergy, but stablecoin adoption itself has an independent growth logic.

Also, I think it's easy to over-focus on the US and US policy. US policy is, of course, very important and influences global policy. But digital assets and digital currencies themselves are highly globalized, blockchain infrastructure is inherently a global computing infrastructure, and relevant regulations are being enacted all over the world.

In fact, a large portion of current stablecoin adoption is happening outside the US. Our opportunity comes from 185 countries. Dozens of countries globally are generating stablecoin demand.

So, focusing only on "what rules US companies can operate under now" easily misses the true scale of the trend. This is a highly global phenomenon, and Circle itself is a global company within this trend.

Certainly, we still hope to see the relevant law passed. If it doesn't pass in September, Congress will continue to work on it. Meanwhile, US regulators have clearly indicated they will use regulatory guidance and rulemaking to enable the digital asset market to develop in a trustworthy, safe, and compliant manner.

Therefore, even if the CLARITY Act isn't passed in September, I still believe USDC's development will continue.