$CRCLB 67.48, it fell 11% in the two days after earnings. And it actually beat expectations.
$865 million, of which $182 million came from preselling its own ARC tokens. Strip that out, and core revenue was $683 million, down 8% year over year—no growth at all.
The growth is fake.
The core business is actually shrinking. Reserve revenue was $658 million, also down 8%.
$USDC in circulation grew by 10%, while the yield fell 61 basis points.
That slight increase in balances doesn't come close to making up for lower interest rates. This business has nothing to do with turnover; it depends only on how long the coins sit on the books. Moving them faster doesn't necessarily earn you a cent more.
I think it makes money from its existing base. The core business isn't growing.
Friday's low was 65.82. Only once it holds above 69.86 can we talk about a recovery. Below 65, there's no reference point. Keep an eye on these levels.
The stablecoins you're holding—keep them, or swap them next week?
$865 million, of which $182 million came from preselling its own ARC tokens. Strip that out, and core revenue was $683 million, down 8% year over year—no growth at all.
The growth is fake.
The core business is actually shrinking. Reserve revenue was $658 million, also down 8%.
$USDC in circulation grew by 10%, while the yield fell 61 basis points.
That slight increase in balances doesn't come close to making up for lower interest rates. This business has nothing to do with turnover; it depends only on how long the coins sit on the books. Moving them faster doesn't necessarily earn you a cent more.
I think it makes money from its existing base. The core business isn't growing.
Friday's low was 65.82. Only once it holds above 69.86 can we talk about a recovery. Below 65, there's no reference point. Keep an eye on these levels.
The stablecoins you're holding—keep them, or swap them next week?
