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young prince
#Circle财报在即，稳定币增长能否兑现收益？
Circle's financial report is about to be revealed. The market consensus focus is not on USDC circulation volume, but on how many cents Circle can actually keep from every 1 dollar of revenue.
The problem lies in the structure. Circle's revenue heavily depends on reserve interest (about 95%). Of the $701 million total revenue in Q2, $412.5 million was directly paid as distribution costs to channels—Coinbase alone took $324.6 million. After deducting operating expenses,
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