Stablecoins represent one of the largest market opportunities in the world as the internet transforms the infrastructure for storing and moving money. We deeply believe in this, and it’s why we both founded Circle and why we’ve invested to build the largest regulated stablecoin network in the world over the past decade. USDC remains the most trusted, widely adopted, institutional-ready stablecoin in the world, and we count thousands of institutions as partners in our ecosystem across nearly every major sector. We continue to invest in growing that ecosystem by building on more networks, bringing more interoperability, and integrating it with banks, payments companies, capital markets firms, enterprises and others globally while expanding how partners can become economic stakeholders in the growth and success of the USDC network. We welcome continued innovation and competition in the space and look forward to remaining laser-focused on building the best stablecoin infrastructure possible and driving more customer and partner success. Meanwhile, we continue to expand support for more dollar and non-dollar stablecoins on Arc, CCTP, StableFX, Circle Wallets and CPN and want to encourage a flourishing market for a stablecoin-native internet financial system.