帖子
taishiro
查看原文
In H1 2026, Circle generated approximately $1.4B in revenue and reserve income, while $819M went to distribution partners and transaction costs. That's roughly 59 cents of every dollar.
A few things I'll be looking at in tomorrow's report:
• Reserve income and margins: How much is Circle retaining after distribution payments, particularly its Coinbase arrangement?
• Interest rates: How much pressure is lower reserve yields putting on income, and can USDC circulation growth compensate?
taishiro
Coinbase 第三季財報簡報已經給了我們一個重要線索。Coinbase 產品中持有的平均 USDC 在第三季達到創紀錄的 220 億美元，約佔 USDC 平均市值的 30%。Coinbase 也確認本季反映了 Hyperliquid USDC 遷移的全部影響。
這很重要，因為分發是有成本的。
#CircleQ3USDCGrowth
