#Circle第三季度营收8.65亿美元
11.4 News: A whopping 865 million in a single quarter on the surface, but is it actually padding results with a token launch?
Circle’s latest earnings report is making me nervous. Everyone’s hyping the surging revenue and EBITDA, but income from its core USDC reserves actually fell 8%. What really made the numbers look good was the $182 million in one-off cash flow pumped in through the ARC token presale!
Fed rate cuts have shut off its money-printing machine, and reserve yields have dropped 61 basis points. On-chain settlements hit 13.9 trillion, yet the funds just don’t stick around.
The front end is being squeezed hard by $USDT , while yield-bearing stablecoins are eating into the back end. Without one-off revenue from token launches, how can it maintain its valuation?
$CRCL The business model of relying solely on Treasury spreads is completely broken. Capital is rapidly flowing toward native yield-bearing stablecoins and compliant RWAs.
What do you make of this token-launch-to-dress-up-the-earnings approach? Let’s discuss in the comments 👇
#Circle #USDC
11.4 News: A whopping 865 million in a single quarter on the surface, but is it actually padding results with a token launch?
Circle’s latest earnings report is making me nervous. Everyone’s hyping the surging revenue and EBITDA, but income from its core USDC reserves actually fell 8%. What really made the numbers look good was the $182 million in one-off cash flow pumped in through the ARC token presale!
Fed rate cuts have shut off its money-printing machine, and reserve yields have dropped 61 basis points. On-chain settlements hit 13.9 trillion, yet the funds just don’t stick around.
The front end is being squeezed hard by $USDT , while yield-bearing stablecoins are eating into the back end. Without one-off revenue from token launches, how can it maintain its valuation?
$CRCL The business model of relying solely on Treasury spreads is completely broken. Capital is rapidly flowing toward native yield-bearing stablecoins and compliant RWAs.
What do you make of this token-launch-to-dress-up-the-earnings approach? Let’s discuss in the comments 👇
#Circle #USDC
