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Wesley A. Souza
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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 的第三季度报告应当阐明扩大 USDC 流通是否转化为持久的经济效益。储备收入可能因规模效应而受益，但分销成本将显示 Circle 保留了多少增长。支付扩展前景看好；其背后的利润结构仍是更有价值的考验。
#CircleQ3USDCGrowth
