$CRCL
Post
深潮 TechFlow
·
--
How ETF Issuers Make Money: Circle’s Business Model Through the Lens of Customers, Channels, and End Users
Author: lufei
Introduction
To understand Circle, first you need to answer a seemingly simple question—one that actually determines its business model:
Who exactly is Circle’s customer? Is it the institutions that directly use Circle Mint, the exchanges, wallets, and payment platforms that distribute USDC, or the individuals and businesses that ultimately hold and use USDC?
In terms of contractual relationships, Circle mainly serves banks, exchanges, payment service providers, wallet companies, enterprises, and developers. Ordinary users typically obtain USDC through Coinbase, Binance, wallets, or fintech platforms, with no direct account relationship with Circle.
Introduction
To understand Circle, first you need to answer a seemingly simple question—one that actually determines its business model:
Who exactly is Circle’s customer? Is it the institutions that directly use Circle Mint, the exchanges, wallets, and payment platforms that distribute USDC, or the individuals and businesses that ultimately hold and use USDC?
In terms of contractual relationships, Circle mainly serves banks, exchanges, payment service providers, wallet companies, enterprises, and developers. Ordinary users typically obtain USDC through Coinbase, Binance, wallets, or fintech platforms, with no direct account relationship with Circle.
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.