Sponsor: Mantle — Mantle is building the largest sustainable hub for onchain finance.
Circle’s hotly anticipated IPO filing just dropped, delivering a rare window into the financial workings behind USDC – the world’s second-largest stablecoin.
At its core, Circle is a revenue behemoth that generated $1.7B of interest off stablecoin reserves in 2024. The numbers also showcase a business built around plenty of trade-offs. After accounting for billion-dollar partner payments, incentives, and compliance costs, Circle isn't quite the profit monster that competitor Tether claims to be.
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