Ethereum

📊 In 2024, Circle made $1.7B in revenue!

But here's the catch:

➡️ $908M (54%) went straight to Coinbase, its main USDC distributor.

Stablecoins are all about distribution and Coinbase owns the relationship with users, capturing more value from USDC than Circle itself.

Meanwhile, Tether pays almost zero distribution costs and still made $13B in profit last year.

Circle? Just $156M.

Circle’s IPO filing highlights critical questions:

🔸 Can Circle reduce its heavy reliance on Coinbase?
🔸 Can it rapidly build out its own distribution infrastructure?
🔸 And can it handle a big risk of falling interest rates which could slash revenues by nearly 25%?

The answers will shape the future of USDC and Circle itself.