Business Focus - Circle's business has historically been defined by USDC [1] - Circle is making a push into yield-bearing assets with the USYC TMMF (Tokenized Money Market Fund) [1] Market Position - USYC market cap is $1.3 billion, making it the 2nd largest tokenized money market fund [1]

Market Trend - ETH is evolving into a corporate treasury asset, mirroring Michael Saylor's BTC treasury strategy [1] - Companies are shifting to ETH, viewing it as yield-bearing and productive assets, not just passive reserves [1] Company Strategy - Companies are now pivoting to ETH [1]