The core logic behind Circle's application for the National Trust Bank license in the United States is actually very simple, which is to completely upgrade itself from a technology company that issues stablecoins to a part of the US dollar digital payment system. This action means that in the future, USDC will no longer rely on banks for reserves and will obtain compliance through multi state trust licenses. Instead, it will directly enter the federal regulatory system, where asset reserves, fund custody, and clearing and settlement can all be completed on its own. In other words, it will be fully compliant in the US financial regulatory system. For CRCL, the first consequence of this matter is that the valuation model may be restructured. Previously, CRCL spent too much on compliance, and if it is approved, the cost will be significantly reduced. Of course, the premise is that after approval, it is currently only an application, and the eight characters have not been fully calculated yet. Not only does the compliance cost decrease, but the reserve funds no longer need to rely on third-party bank custody, and the custody cost is also gone. It is completely possible to custody oneself, and the profit margin directly increases. More importantly, after obtaining this license, Circle's ceiling is also different. It is not just about issuing coins, it can legally do custody, clearing, US dollar settlement network, compliant institutional fund pool, and even connect with CBDCs, large banks, and sovereign funds in the future, fully possessing the ability to become the underlying financial infrastructure for US dollar digitization. We have been saying before that CRCL's profit is too single and can only rely on US bonds to generate returns. If we obtain this license, at least the imaginative space for returns will be opened up, which is a great advantage.