BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Circle’s Q4 Reveals USDC’s Hidden Cost: Distribution Partners Take 63% of Reserve Income
Circle’s Q4 Reveals USDC’s Hidden Cost: Distribution Partners Take 63% of Reserve Income
USDC News -
Circle's latest financial results reveal a stark reality behind its USDC stablecoin growth. While circulation surged 72% to $75.3 billion and reserve income jumped 69%, the company surrendered 63 cents of every dollar earned to distribution partners.
The $733.4 million in reserve income was whittled down to $272.8 million after paying $460.6 million in distribution costs. This architecture underscores how platforms controlling user access capture the lion's share of stablecoin yield.
Circle's emphasis on "Revenue Less Distribution Costs" as a key metric signals the fundamental economics of the stablecoin business: issuers must pay for shelf space in crypto's distribution channels.
Previous
UK’s FCA Selects 4 Firms To Trial Stablecoins Ahead Of Final 2026 Rules
Next
Venus Protocol and Fluid Launch Venus Flux, Unifying Lending and DEX Liquidity on BNB Chain
