Circle keeps only 7 cents from every dollar of revenue in the first half
- Of its $1.4 billion in revenue, $819 million went to distribution partners and transaction costs, accounting for 59%; licensing and compliance, banking partnerships, and multichain deployment consumed another $473 million, leaving a net profit margin of about 7%.
- USDC’s on-chain settlement volume reached $36 trillion, accounting for 77% of global stablecoin trading volume. Binance signed a five-year agreement in September and invested $100 million, while the free redemption mechanism was also expanded to near-real-time processing.
Distribution costs constrain profit margins. In the short term, USDC minting volume depends on growth through Binance’s channel, while existing liquidity is subject to Treasury yields and the adoption of payment use cases. BTC is consolidating on declining volume above $60,000, and the ETH/BTC exchange rate has yet to reverse. Capital seems more inclined to wait for USDC’s expansion to translate into spot buying. At this level, would you place limit orders to buy the BTC dip, or wait for a pullback before acting?
$USDC $BTC $ETH
- Of its $1.4 billion in revenue, $819 million went to distribution partners and transaction costs, accounting for 59%; licensing and compliance, banking partnerships, and multichain deployment consumed another $473 million, leaving a net profit margin of about 7%.
- USDC’s on-chain settlement volume reached $36 trillion, accounting for 77% of global stablecoin trading volume. Binance signed a five-year agreement in September and invested $100 million, while the free redemption mechanism was also expanded to near-real-time processing.
Distribution costs constrain profit margins. In the short term, USDC minting volume depends on growth through Binance’s channel, while existing liquidity is subject to Treasury yields and the adoption of payment use cases. BTC is consolidating on declining volume above $60,000, and the ETH/BTC exchange rate has yet to reverse. Capital seems more inclined to wait for USDC’s expansion to translate into spot buying. At this level, would you place limit orders to buy the BTC dip, or wait for a pullback before acting?
$USDC $BTC $ETH