The minting volume of SEI USDC should have already surpassed that of Algorand, which is quite noteworthy. I previously traded Algo, which tripled, but the holding process was quite painful. I'm paying attention to SEI because I feel it might have a similar pump trend as Algo. The minting volume of Base USDC is about $370 million, while SEI is currently at $160 million. However, SEI has only launched its native USDC minting for 2 weeks, which indicates that Circle's support is quite strong. Circle invested early in SEI, and SEI is currently their largest holding. It's hard to estimate Circle's cost basis in SEI, but they have chosen to heavily invest in holding + stablecoin support. I predict a few strategies: 1. Deeply engage with SEI, using it as a base for expanding the stablecoin market. 2. Learn from Sui to drive stablecoin + DeFi business to promote the ecosystem. 3. Operate the token to seek greater profits. Of course, it can also be said that they are building the next world-class public chain. At the new price point, let's first establish a small observation position.