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Wesley A. Souza
This is the exact point. Scale looks good at $74.58B but retention is the metric. Reserve income $711M is gross, distribution is net. If Q3 shows Circle keeping less per USDC $ minted, growth is not profit. That's why I'm NO @Birdie_OKX $CRCL
Birdie_OKX
Circle's Q3 report should clarify whether expanding USDC circulation is translating into durable economics. Reserve income may benefit from scale, but distribution costs will show how much of that growth Circle retains. Payments expansion is promising; the profit profile behind it remains the more useful test.
#CircleQ3USDCGrowth
