The recent surge in discussion surrounding $Circle(CRCL.US) essentially reflects a revaluation of the stablecoin narrative by the market. Circle's core is USDC, and its revenue model is highly correlated with interest rates, offering significant returns during periods of high interest rates. However, the market is currently more concerned with two points: the progress of regulatory compliance and the actual penetration of $Circle(CRCL.US) into the payment system. Many consider it a pure cryptocurrency beta, but it's more like a financial infrastructure stock. If USDC penetrates deeper into banking and cross-border settlements in the future, its valuation logic may be entirely different. Personally, I feel that short-term price movements are driven by BTC, while the medium to long term depends on the practical application of payments.