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taishiro
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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 的第三季度收益报告已经给了我们一个重要线索。第三季度，Coinbase 产品中持有的平均 USDC 达到了创纪录的 220 亿美元，约占 USDC 市场平均市值的 30%。Coinbase 还确认本季度反映了 Hyperliquid USDC 迁移的全部影响。
这很重要，因为分发是有成本的。
#CircleQ3USDCGrowth
