Thanks to Dolphin Research for the high-quality output. I'm still optimistic about the prospects of compliant exchanges represented by Coin. Stablecoin interest payments have become a focal point in regulatory games, but during the interest rate cut cycle, the returns on assets reserved by exchanges for issuing stablecoins also decline. If they maintain the original interest payment level to attract users, the compression of interest spreads will also have a direct impact on revenue. Regardless of how regulations define it, it is necessary to expand revenue sources beyond stablecoin interest income. Currently, Coinbase's path to business diversification is clear, and the management has a clear vision.