Circle’s $461M Payout Reveals True Beneficiaries of USDC Yield
Circle’s $461M Payout Reveals True Beneficiaries of USDC Yield
Circle's latest quarterly earnings report highlights substantial growth, with USDC circulation climbing 72% year-over-year to $75.3 billion and reserve income surging by 69%. Despite these impressive figures and a quintupled adjusted EBITDA, the financial statement indicates that Circle largely bargains away the yield generated from USDC reserves, rather than retaining it as direct profit.
Circle's fourth quarter earnings tell a story the company would prefer investors understand through the lens of growth: USDC circulation climbed 72% year-over-year to $75.3 billion, reserve income surged 69%, and adjusted EBITDA quintupled. However, the income statement reveals a different architecture in which the issuer generates yield and immediately bargains most of it away […]
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