Circle generated $1.4 billion in revenue in the first half of the year, paid $819 million to distribution partners, then turned around and poured $473 million into infrastructure and compliance products. The stablecoin money printer lives up to its name, but most of the profits went to distributors, while Circle is still burning through what it keeps. The USDC moat is built with real money; in the long run, its ability to capture value will come down to bargaining power.

$CRCL #稳定币 #Circle