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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.
Circle is reportedly targeting a $4-5B IPO valuation, a pricing that suggests strong confidence in its market position. While the environment of declining interest rates and expanding stablecoin issuance by banks introduces new dynamics, these shifts also highlight the growing relevance of digital assets—offering Circle opportunities to adapt, innovate, and reinforce USDC’s unique value proposition.
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