Coinbase, why the biggest winner behind USDC
author & nbsp; insights4vc
Compile & nbsp; Deep tide TechFlow
Original link:
https://www.technologypost.com/zh-CN/article 30770
Introduction: Circle has been listed at New York City, stock code CRCL. But what kind of business is this company? This paper is based on its annual FY2025 report on the phasing down of the revenue structure of Circle, the model of reserves, the split arrangements with Coinbase, and the growth status of USDC, EURC。
The core of the author ' s judgement: Circle is essentially an interest-rate-sensitive financial infrastructure company that earns interest on reserves rather than on subscriptions or transaction fees for software platforms. This judgement has a direct bearing on its valuation logic。
The text reads as follows:
Circe should be understood first as a "reserve revenue company" rather than as a scalable software or a payment platform. Its profitability model is highly dependent on stable currency balances, short-end interest rates and the part of reserve income actually retained after the payment of large shares。
The FY2025 data make this clear: total income and reserve income totalled $2,747 million, of which reserve income contributed $2,637 million and other income amounted to $110 million. Therefore, the recent financial performance of Circe will depend mainly on three variables: average liquidity of the USDC, the real rate of return on reserves, and the economic structure of the partnership-sharing arrangements (especially the contract with Coinbase)。
FY2025 Total income and reserve income increased strongly from $1.676 billion in FY2024 to $2,747 million. Reserve income rose from $1,661 million to $2,637 million and other income from $15 million to $110 million. Even so, the net loss attributable to the ordinary shareholders of Circle FY2025 still stands at $70 million, and operating costs have risen significantly, with a remuneration cost of $845 million。
Figure: Key financial indicators, Circle FY2025
The core dispute in 2026 was not whether or not Circle was expanding, but whether such expansion could really be reflected in financial data. The key variables remain: the continued growth of the USDC balance, how the reserve rate of return evolves in the lower interest rate environment, whether distribution costs will remain high in the long term, and whether new sources of income, such as CCTP, CPN, USYC, will be scaled up to keep pace with the growth of the reserve income base。
At this stage, the strategic boundaries of Circle are clearly expanding, but the core investment framework remains unchanged: It continues to be a highly sensitive financial infrastructure company, driven by income from reserves rather than by the realization of diversified platforms。
Circle Business Overview
Circe is a financial technology company, stock code CRCL, listed at NYU. The company submitted its FY2025 annual report (10-K form) as of 31 December 2025 on 9 March 2026. The Circle FY2025 balance sheet shows that "stabilized currency holders' deposits" amount to $749 billion, which is a direct indication that the core of the company’s economy is still the size management of the reserve-supported stable currency, not the traditional pure software model。
From the analytical framework, Circe can be broken down into four levels:
First, stable currency distributors, the main products being USDC and EURC, the liability end corresponds to the stable currency in circulation, and the asset end is the reserve asset held in isolation for users. Second, reserve income operations monetize reserve assets through interest and dividends income. Third, developers, payment and infrastructure layers are committed to increasing the use of stable currencies and transaction intensity. Fourth, a more macro-strategic layout around the Internet financial system, including Arc, the Circle Payment Network (CPN) and a monetized asset infrastructure。
THE DISCLOSED DATA, HOWEVER, SUGGEST THAT WHAT IS CURRENTLY WORKING FINANCIALLY IS STILL A RESERVE INCOME MODEL RATHER THAN A SCALABLE SOFTWARE OR TRANSACTION FEE OPERATION. FY2025 TOTAL INCOME VERSUS RESERVE INCOME WAS $2,747 MILLION, OF WHICH RESERVE INCOME CONTRIBUTED $2,636.8 MILLION, WITH A RELATIVELY LIMITED NON-RESERVE COMPONENT。
This distinction is essential for valuation. Circle’s strategic narrative is widening, but the revenue structure still does not support seeing it as a “soft-platform rating” story. The previously disclosed data show that income from “other products” represented only 1 per cent of total income in 2024, although management added that other income increased at an accelerated rate in 2025, Q4,2025 other income of $370 million, an increase of $34 million over the same period. The direction is a positive signal, but it is not sufficient to shake the core position of reserve balances, reserve rates of return and partner economic structures in a profit-driven process。
Another strategic pillar is the regulatory landscape. Circle disclosed that in December 2025 it was approved by the Monetary Supervisory Authority (OCC) to establish a National Trust Bank called First National Digital Bank, N.A. Management characterized it as an important step towards strengthening the USDC infrastructure, and the potential expansion of the regulated hosting and reserve management capacity. This may enhance sustainability at the regulatory level and institutional confidence in reserve governance, but should not be considered as a declared profit driver at this time。
Business model and economic structure
The business model of Circle is determined by two variables: the size of the stable currency in circulation and the rate of return on reserve assets. The company clearly defines reserve income as a function of reserve balance and reserve return。
FY2025 Reserve income of $2,636.8 million is higher than the $1661.1 million of FY2024. In contrast, only $109.98 million in other income (FY2024: $15.2 million) was received from FY2025, of which $84.8 million was the largest non-reserve item. This confirms that Circe ' s profit structure is extremely sensitive to interest rate and balance growth, even if supplementary income starts from the lower base。
The management of the reserve is conservative. Circle disclosed that, as of 30 June 2025, about 87% of USDC reserves were held in the Circle Reserve Fund – a government money market fund that meets the 2a-7 rule and is managed by Belet and hosted by Niue. The remainder is held in cash in accounts for USDC holders, mainly in systemically important banks worldwide. The logic behind the build-up of reserves is liquidity priority, security, transparency, compliance and not maximizing benefits。
The economic structure of Circe is also deeply influenced by distribution arrangements, in particular the agreement with Coinbase. Reserve income is recorded as a total, but companies make significant downstream payments through distribution and transaction costs. This means that a significant portion of the gross reserve revenue has been split by contract through the distribution layer before reaching operating costs。
THE DATA REFLECT THAT THE INCOME OF THE FY2025 NET OF DISTRIBUTION COSTS (RLDC) AMOUNTED TO $1.083 BILLION, WHILE TOTAL INCOME AND RESERVE INCOME TOTALLED $2,747 MILLION, THE DIFFERENCE BETWEEN WHICH INDICATES THAT MUCH OF THE GROSS REALIZATION WAS PAID OUT THROUGH THE DISTRIBUTION LAYER。
This is crucial for modelling. Circe is not a mere beneficiary of interest rate hikes or USDC balances growth – the growth of reserves that have been realized cannot be translated into retention earnings. According to the earlier sensitive disclosure by Circle, the average reserve return of 4.26 per cent as at 30 June 2025 was used as the benchmark, with a change of approximately $618 million in the estimated reserve income per 100 basis points, but with a change of about $315 million in distribution and transaction costs. This means that a significant portion of the upper space of the reserve has been divided and only the remainder has been transferred to RLDC before deduction of operating costs. For institutional analysis, RLDC is a more useful intermediate profit measure than mere reserve income。
FY2025 reports have also been significantly influenced by non-core and non-cash projects. SY2025 revealed a net loss of $70 million for ongoing operations, but the adjusted EBITDA was $582 million, the difference being mainly due to the high equity incentive linked to IPO-related attribution conditions – a result that was significantly affected by the $424 million IPO equity incentive, as stated in the release of the FY2025 financial paper, specifically by the fact that the RSU performance condition met the cost of triggering the $423.8 million equity incentive recorded at the start of the transaction in New York. Thus, the GAAP net profit is not the best perspective for assessing the underlying unit economy or profitability。
The most important reason is the arrangement between Circle and Coinbase, which is the most important and easily underestimated part of its business model。
When USDC was launched in 2018, Circle and Coinbase formed a coalition to govern this stable currency. The structure was dissolved in 2023, and Circe alone controls the distribution. Coinbase, however, retained an extremely favourable income-sharing agreement。
Figure: United StatesDC reserve split structure for Circle and Coinbase
Under the agreement, 100 per cent of reserve income from USDC held on the Coinbase platform is accounted for by Coinbase; 50 per cent of reserve income from other sources is attributed to Coinbase. Of the total distribution cost of $1010 million in 2024, $908 million was paid to Coinbase. In other words, of every dollar that Circle earns, about $0.54 goes to a company that neither issues USDC nor manages its reserves. By the beginning of 2025, Coinbase held 22 per cent of the total USDC supply, which was only 5 per cent in 2022. As USDC is increasingly concentrated in Coinbase, the burden of payment for Circle is rising with the water。
In summary, at this stage, Circle should be seen as an interest-rate-sensitive financial infrastructure company driven by a reserve revenue engine centred on a stable currency, rather than as a software platform where the economic structure is driven mainly by subscriptions or transaction income. The future value of the platform is becoming increasingly clear, particularly with respect to the expansion of Arc, CPN and non-reserve income flows. However, the already disclosed revenue structure of SY2025 by Circle still supports an analytical framework centred on reserve balances, reserve rates of return and distribution-sharing mechanisms. Pending a significant increase in the share of non-reserve income, the reserve income model will continue to be the main driver of the profitability sensitivity of Circle and the core of its valuation controversy。
USDC AND EURC DEPTH RESOLUTION
USDC
USDC is the core economic engine of Circle into 2026. Circle disclosed in the annual FY 2025 report that USDC was in circulation at US$ 75,266 million as at 31 December 2025. The Circle USDC product page then shows that, as of 16 March 2026, the circulation was $79.2 billion. On this basis, USDC flows increased by approximately $3.9 billion, or 5.2 per cent, from the end of the year to mid-March. Not much of an explosive growth, but it does show that the net expansion continues on a strong basis in 2025。
Figure: USDC stable currency supply (source: Allium)
Circle's FY2025 disclosure points to a strong growth year for USDC. Q4,2025, USDC flows increased by 72 per cent to $75.3 billion per year, and USDC chain transactions increased by 247 per cent to $11.9 trillion per year. The average USDC circulation for the year was $64.870 billion, which was $33.342 billion higher than FY 2024, but the FY2025 reserve return was 4.1 per cent, down from 5.0 per cent of FY2024. The core inference is that income expansion in 2025 was based on surplus growth rather than a smooth rate of return, as the rate of return on reserves declined in comparison。
Circe also disclosed operational indicators indicating that USDC was a high-speed currency instrument, not a static collateral. FY2025 USDC casts $25.75 billion, foreclosures $22.61 billion; stable currency market share at year ' s end 28 per cent (based on third-party market value data); valid wallets at year ' s end 6.8 million (as defined by Circle itself). This large amount of foreclosure compared to the end-of-cycle stock suggests that there is a large turnover of transactions that may come from exchange settlements, liquidity routes, collateral management and the associated capital flows of DeFi, rather than simply buying into the stock holding logic. Circe did not publicly provide clear disaggregated data on these use scenarios。
While the disbursement narrative of the USDC is becoming more credible, it is still at an early stage relative to the reserve income model. Visa has officially introduced the USDC clearing function in the United States for specific issuer and billing partners to support VisaNet obligations for settlement on specific block chains and can be performed outside of traditional banking hours. Circe sees it as proof that USDC can serve as a tool for ongoing settlement of assets rather than simply encrypted original transactions. Even if the current size is still small relative to the total network size of Visa, the analytical significance cannot be underestimated: This is one of the clearest public signals that USDC is being positioned as part of the real world backstage payment infrastructure。
Partner distribution for consumers and SMEs ' ecology is also expanding. On December 18, 2025, Circe announced that it would work with Intuit to access USDC functionality to TurboTax, QuickBooks and Credit Karma. Strategicly, this reinforces the argument that Circe is pushing USDC out of the trading space and encrypted original users into the mainstream financial workflow. But the monetization path remains untransparent – the integration’s pricing, commission rate, or revenue-sharing structure is not disclosed by Circle, so progress at the distribution level should not be misinterpreted as evidence of high profit payments。
At the market structure level, on 5 February 2026, Circle and Polymark announced that Polymark would move from the bridge on Polygon to the original USDC in the coming months. This progress indicates that Circe is contributing more broadly to reducing reliance on bridge mobility and increasing the coverage of primary distribution of USDC across the chain. Original distribution can enhance transparency, reduce the operational complexity of cross-chain connections and better align regulatory priorities. At the same time, the need for such migration itself reveals the structural challenge of the currency of stability: fragmentation across bridges and cross-chain mobility remains the use of friction, not just technical footnotes。
Taken together, USDC is a hybrid tool: firstly, a major exchange and site settlement asset; secondly, a high-speed dollar in the chain for collateral, mobile route and encrypted market infrastructure; and thirdly, an emerging institutional settlement track in a given consolidation. Evidence of growth in the payment track is improving, especially with regard to Visa settlements, Intuit access and the broader infrastructure of the Circle. However, the main economic driving force disclosed by Circe remains reserve income on the USDC reserve, rather than the realization of explicit transaction costs arising from the payment of activities。
EURC
EURC is strategically important, although its direct economic contribution remains limited. The European regulatory context is particularly relevant here. The MiCA (EU Regulation 2023/1114) came into force in 2023, the asset reference tokens and electronic currency token rules were applied from 30 June 2024, and the broader system became fully effective from 30 December 2024. The significance of this timetable is that the euro-denominated stabilization currency (EUR) has acquired the status of "regulated compliance rating" earlier than many neighbouring encrypted asset services, and has increased the institutional confidence of regulated issuers and exchanges to support compliance with the euro-stable currency products。
Circe disclosed that, as at 31 December 2025, the volume of EURC circulation was 309,608,590. By March 16, 2026, the Circle EURC page showed circulation of €382.8 million. By extrapolation, between the end of the year and mid-March, EURC grew by approximately 73 million euros, or 23.6 per cent. The absolute amount relative to USDC is still small, but the rate of increase is substantial, indicating that EURC is gaining pull from a lower base。
The euro-wide stable currency market remains small. Reuters quoted Italian bank data in September 2025, reporting that the total amount of euro-denominated stable currencies was only about $620 million, while global stable currency issuance was about $30 billion. Even with subsequent growth, the €382.8 billion EURC circulation reported by Circle in March 2026 indicates that EURC may be one of the euro-stable currencies ranked in the order of supply。
Circe locates EURC as meeting the MiCA requirements, supports Avalanche, Base, Etheum, Solana and Stellar, and undertakes to issue certification reports on a monthly basis. Strategicly, the value of EURC to Circle may exceed its current direct financial contribution: it helps Circle to establish European regulatory status, to support the euro-dollar workflow along the chain with USDC, and to provide option value when it increases digital monetary policy priorities in Europe. Reuters ' s end-of-year report also showed that European institutions and policymakers were increasingly interested in creating alternatives to the dollar-led stable currency infrastructure, which supported the argument for the value of options。
For the next 12 to 24 months, EURC is better considered an enabling layer than an independent profit drive. The base is less than €500 million, and there is no separate disclosure of EURC income data. If EURC is to become financially meaningful, it may need three things: substantial growth of euro-denominated floating stocks, payments and financial adoptions that go beyond encrypted capital markets, and distribution paths that avoid replication of the USDC model ' s medium-size economic split. In other words, EURC may already be strategically important but not financially central。
FY2025 FINANCIAL ANALYSIS AND KEY INDICATORS
Circle FY2025 financial data again confirm that the company is first and foremost a reserve income business. FY2025 Total total income and reserve income was $2,747 million, up from $1.676 billion in FY2024. Of this amount, $6,637 million was income from reserves ($1,661 million for FY2024) and $110 million for other income ($15 million for FY2024). This increase is almost entirely attributable to the expansion of reserve income rather than to a broad shift in income structure towards software or transaction fee patterns。
Figure: Circle FY2025 Income Structure
Figure: Circle FY2025 Cost structure split
THE COST STRUCTURE IS ALSO AN IMPORTANT COMPONENT OF THE INSURANCE FRAMEWORK. FY2025 DISTRIBUTION AND TRANSACTION COSTS US$ 16.62 BILLION ARE HIGHER THAN THE US$ 10.11 BILLION FY2024. OPERATING COSTS ROSE FROM $492 MILLION TO $1,179 MILLION, OF WHICH REMUNERATION COSTS AMOUNTED TO $845 MILLION ($263 MILLION IN THE PREVIOUS YEAR). THIS CONFIRMS THE GROSS PROFITABILITY OF HIGHER-RESERVE INCOME GENERATION, WHICH IS DIVIDED INTO LARGE PARTS OF PARTNERS AND FURTHER DIGESTED BY SIGNIFICANTLY HIGHER OPERATING COSTS。
Measuring operational leverage, using RLDC is more useful than top income. The FY2025 RLDC disclosed by Circe was $1,083 million, which is more than $659 million of FY2024; the RLDC profit margin was 39 per cent for both years. This modest profit margin is noteworthy: it means that distribution costs have expanded largely in tandem with reserve income, and higher interest rates and larger balances have not translated into a more structurally favourable economy of retention. In other words, Circe achieved growth, but there was no real improvement in the share of the core economy actually retained after distribution。
A clearer sign of operational leverage appears in management ' s calibrations rather than in GAAP reports. Circle disclosed SY2025 adjusted operating costs of $508 million and directed SY2026 adjusted operating costs of $570 million to $585 million under the new definition. This means that companies plan to continue investing in growth rather than switching to a more recent harvest pattern。
Figure: Circle FY2025 balance sheet key item
The balance sheet also supports a specific interpretation of business models. As at 31 December 2025, Circe had reported $7.568 billion in cash and cash equivalents segregated by stabilizers and $74,913 million in stable currency deposit. This structure is consistent with a reserve support distribution model built around segregated balances rather than the traditional loan-based balance sheet model。
In terms of analysis, this has brought Circe structurally closer to a narrow-interest business, rather than a financial technology with high commission rates, the key qualification being that reserves are described as held by token holders and that there is an intention to separate bankruptcy under the structure disclosed by Circe。
Q1 2026 PREVIEW WITH FY 2026 COW, BASE, BEAR
Enter Q1 2026 and the interest rate environment is no longer as favourable as the peak of the current cycle. On 16 and 17 March 2026, the interest rate for valid federal funds was 3.64 per cent and SOFR 3.65 per cent. Circle's own sensitivity framework uses the average monthly return of 3.64 per cent in 2025. The implication is that the reserve return environment at the beginning of 2026 is still significantly lower than the 5.0 per cent reserve return disclosed by FY 2024, which is closer to the end of 2025, meaning that if Circle is to sustain the increase in reserve income, the balance increase will have to take on more work。
The starting point for Q1 2026 is at least constructive in the balance direction. Circe disclosed that, as of 16 March 2026, USDC had $79.2 billion in circulation, up from $75.266 million at the end of the year; EURC had increased from Euro309.6 million at the end of the year to Euro382.8 million. This suggests that the low rate of return environment is partly offset by an improvement in the average stable currency balance of Q1 compared to the Q4 exit level。
THE MANAGEMENT'S FY2026 GUIDANCE POINTS TO CONTINUED DIVERSIFICATION OF THE INCOME STRUCTURE, BUT THERE HAS BEEN NO FUNDAMENTAL CHANGE IN THE ECONOMIC MODEL. SPECIFICALLY: OTHER INCOME OF $150 MILLION TO $170 MILLION, RLDC PROFIT MARGIN OF 38 PER CENT TO 40 PER CENT, ADJUSTED OPERATING COSTS OF $570 MILLION TO $585 MILLION. THERE ARE TWO TIERS OF SIGNALS: MANAGEMENT EXPECTS NON-RESERVE INCOME TO GROW; AND, EVEN IF GUIDED BY ITSELF, THESE REVENUES REMAIN SMALL RELATIVE TO THE RESERVE REVENUE ENGINE。
Cow City scene。& nbsp; USDC flows have continued to expand in Q1 and Q2 and have benefited from the growth in the use of institutional settlements, higher chain speed and incremental distribution progress. In this scenario, reserve income would remain resilient even if the real rate of return remained at the short end of 2025 and the beginning of 2026. Distribution costs will also rise, but the economy that remains after distribution may still be sufficient to absorb higher operating cost plans while maintaining profit margins within or near guidance. This is essentially a scenario of "floating stock growth offset interest rate compression". Current balance trends and still expanding ecosystems support this scenario, but remain dependent on ongoing trade volumes and momentum。
Baseline scenario。 As trading activity and DeFi usage normalized, USDC traffic growth slowed to a low-digit ring rate of quarterly increase. Reserve yields anchored at a short end of about 3%, roughly the same as EFFR and SOFR. In this scenario, reserve income has stabilized to a small increase (depending on the average balance), but distribution costs have remained high owing to the maintenance of the partner structure. The RLDC profit margin thus remained within the range of 38 to 40 per cent of company guidance, with moderate progress at the top, but limited structural profit expansion。
Bear City scene。 USDC flows are stagnant or declining due to a shrinking risk preference, an outflow of exchange funds or market share pressure, while interest rates are further down from already low levels. A lower rate of return would reduce reserve income and mechanically reduce some of the distribution costs under the Circle ' s own sensitivity framework, but the net effect remains the weakness of RLDC. This problem is all the more serious, as Circe has taken on a higher cost plan when he enters the FY2026, which means that a weaker stock and a weaker rate of return would allow companies to face more directly the double pressure on partners to pool risks and operating costs。
Strategic positioning and competition patterns
The most accurate characterization is: a regulated digital money network operator with two levels – a core of current financially dominant distributors and reserve management, and a strategically important but not economically dominant application, interoperability, and developer services. This distinction is important because until non-reserve income becomes significantly larger, the valuation, profitability sensitivity and risk characteristics of Circle remain closely tied to monetary policy and stable currency market structures。
The most important strategic option today is the Circle Payment Network (CPN). Circe introduced the concept in April 2025 and disclosed that, as of 20 February 2026, 55 financial institutions had been registered and 74 were being qualified, with annualized transactions based on 30 days reaching $5.7 billion. These are meaningful early signals of networking and institutional interest. However, in the absence of disclosure of rates, income contributions or profit margins, CPN continues to prove its value strategically more easily than financially。
Another credible non-reserve realization path is an interoperability tool. Circe discloses that CCTP V2 was introduced in March 2025 and that the fast-track transfer function can generate transaction costs when the customer chooses to use it. This is one of the stronger non-reserve realization paths, as it prices specific technological capabilities, rather than relying solely on the eventual transformation of usage into value. Even so, the FY2025 transaction income bank disclosed by Circle is still small and its current contribution is negligible in relation to reserve income。
Circe also deserves strategic attention by buying the USYC plate that Hashnote has entered. Circe describes USYC as a representative of the share of the money-marketing chain, mainly for collateral purposes in the digital asset market, and discloses the costs it earns, including performance fees。
THIS IS A REASONABLE EXTENSION OF THE USDC, AS IT SERVES THE INTEREST-BEARING COLLATERAL AND BOND REQUIREMENTS THAT CANNOT BE FULLY ADDRESSED BY THE STABILIZATION CURRENCY ALONE. HOWEVER, THE MARKET CURRENTLY LACKS SEPARATE PUBLIC DISCLOSURE OF USYC ASSETS, INCOME OR PROFITABILITY, SO IT IS MORE A STRATEGIC BUILD-UP MODULE THAN A DRIVER THAT CAN MODEL INDEPENDENTLY。
With respect to competition, the most direct rival in the area of dollar stabilization is still Tether. Reuters reported in February 2026 that USDT traffic was about $184 billion, and Tether had a huge advantage in scale。
Circle ' s differences remain clear: listed company disclosure standards, reserve asset constraints more in line with emerging regulatory requirements, and stronger positioning with regulators and payment networks. In this sense, the competitive advantage of Circle is more institutional credibility and regulatory readability than absolute size。
Another competitor is PayPal's PYUSD. PayPal announced the expansion of PYUSD to 70 markets worldwide on March 17, 2026. The strategic relevance of PYUSD is that it is embedded in a global consumer and commercial payment distribution network, and this is a very different market entry advantage from the Circe ' s access path, which focuses on exchanges and infrastructure。
The current advantage of Circle is deeper USDC liquidity, larger size and stronger encryption market integration; the PYUSD difference is the distribution of primary purses and businesses embedded in mainstream payment platforms。
Competition patterns in Europe may become more challenging in the future. Reuters reported that several large European banks, including the Netherlands International Group (ING), UniCredit and BNP Paribas, had established a company to launch a euro stabilization currency in the second half of 2026, and that policymakers had openly discussed strengthening euro-denominated currencies to counter the dollar。
THIS IS A MEANINGFUL COMPETITION THREAT FOR EURC IN THE MEDIUM TERM, AS BANK-LED EURO STABILIZATION CURRENCIES CAN COMBINE REGULATORY CREDIBILITY WITH EMBEDDED ENTERPRISE AND BANK DISTRIBUTION. AS OF MARCH 2026, THIS IS STILL MORE OF A FUTURE COMPETITIVE RISK THAN AN IMMEDIATE SUPPLY SIDE SUBSTITUTION。
Conclusions
Circle FY2025’s data still support the judgement that it is primarily a reserve-income operation – where profits are dominated by stable currency balances, reserve rates of return, and partner economic structures, and where the contribution of software or payments to liquidity is far from being able to shake this structure。
THE CONTINUED EXPANSION OF USDC AND EURC AND THE IMPROVEMENT OF STRATEGIC NARRATIVES THROUGH NEW INITIATIVES SUCH AS THE CCTP, CPN, AND USYC HAVE NOT BEEN FINANCIALLY SIGNIFICANT IN RELATION TO THE RESERVE INCOME BASE。
Thus, the core insurance framework continues to focus on floating stock growth, interest rate sensitivity and the structural weight of distribution costs, especially those linked to Coinbase。
Figure: Circle Internet Group Inc - Consolidated gains and losses Table
Figure: Circle Internet Group Inc - Consolidated balance sheet (i)
Figure: Circle Internet Group Inc - Consolidated balance sheet (ii)
