In a comprehensive analysis, Zhen Dong examined Circle's business model, investment logic, network effects, and industry prospects. The discussion highlighted Circle's perceived value across banking, growth, and regulatory monopoly layers, as dissected by Odyssey using valuation models. However, Peicai Li raised concerns about Circle's monopoly, profit margins, and market efficiency, questioning the sustainability of its competitive edge. Odyssey responded by addressing investment preferences, cyclical rotations, and asset allocation strategies, while Zhen Dong provided a systematic rebuttal on competition, market efficiency, user structure, and policy benefits. The debate further explored the potential for a third stablecoin to challenge Circle's market position, emphasizing the need to consider market structure assumptions rather than focusing solely on market correctness.