Metric Minute #3: Inside Circle’s $1.7B Revenue & USDC’s Comeback

In Episode 3 of Metric Minute, Coin Metrics Research Analyst Tanay Ved breaks down key takeaways from State of the Network #307 — focused on Circle’s IPO filing and USDC’s on-chain footprint. Circle, the largest U.S.-based stablecoin issuer, generated $1.7B in 2024 revenue — 99% from interest on USDC reserves. But net income dropped 42% due to over $1B in distribution costs paid to Coinbase and Binance. Meanwhile, USDC’s supply rebounded 90% year-over-year to $60B, with Ethereum, Solana, and Base leading issuance and transfer volume. Base and Ethereum alone accounted for up to 90% of total adjusted USDC volume in early 2025. As stablecoin legislation advances and interest rates potentially shift, Circle’s business model faces both new challenges and opportunities. Key stats: - $1.7B in revenue, $157M net income - 88% of reserves held in short-term Treasuries - 29% of Binance spot volume now powered by USDC - 3.6% implied yield on reserve assets Read the full report: https://coinmetrics.io/state-of-the-network/unpacking-circles-ipo-filing-and-usdcs-on-chain-footprint/