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CCTP Transfer Volume - Circle's CCTP (cross-chain bridge) transfer volume reached an all-time high of approximately $145 亿 in October, a ~700% year-over-year increase [1] Revenue Diversification - The increase in CCTP transfer volume signifies a shift in Circle's revenue model [1] - Circle's traditional revenue relies on yield earned from USDC stablecoin collateral (AUM-based revenue) [1] - CCTP generates transaction-based revenue each time USDC is transferred across chains [1] - Diversifying revenue streams leads to a more robust business model for Circle [1]