Circle Internet財務顯示在公開上市之前混合財務狀況，收入增長了16％，但獲利能力下降

USD Coin USDC/USD背後的公司Circle Internet Financial在其計劃的公開清單之前顯示出混合的財務狀況

Circle Internet Financial, the company behind USD Coin (USDC/USD), is entering the public markets with a mixed financial picture, showcasing strong revenue growth but lower profitability due to higher costs and increased redemptions.

Circle Internet Financial是USD Coin（USDC/USD）背後的公司，它以混合的財務狀況進入公眾市場，展示了強勁的收入增長，但由於成本較高和贖回而降低了盈利能力。

In a post dissecting the newly filed S-1 prospectus, Matthew Sigel, Head of Digital Assets Research at VanEck, highlighted the disconnect between Circle's topline momentum and its bottom-line performance.

Vaneck的數字資產研究負責人Matthew Sigel在解剖新提交的S-1招股說明書的文章中，強調了Circle的Topline動量與其底線表現之間的脫節。

According to Sigel's analysis, Circle's earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 78%, and net income dropped 66%, despite a 16% increase in revenue and a 10% rise in full-time employees. This downturn was attributed to a more competitive market environment and higher costs.

根據Sigel的分析，Circle的利息，稅收，折舊和攤銷（EBITDA）的收益下降了78％，淨收入下降了66％，儘管收入增加了16％，全職員工增長了10％。這種低迷歸因於更具競爭力的市場環境和更高的成本。

Sigel further noted that Circle's total redemptions surged to $165 billion in 2023, a significant increase from $98 billion in 2022. This suggests that users are rapidly rotating capital in and out of the stablecoin—likely to optimize yield.

Sigel進一步指出，Circle的總贖回飆升至2023年的1650億美元，從2022年的980億美元增加了。這表明用戶正在迅速向穩定的資本旋轉和從Stablecoin中旋轉，以優化收益率。

"This is also driving a deterioration in margins as Circle's profitability depends heavily on its ability to retain interest-earning reserves," Sigel explained.

Sigel解釋說：“這也引起了利潤率的惡化，因為Circle的盈利能力在很大程度上取決於其保留興趣賺錢儲量的能力。”

On the expense side, Sigel observed that "Circle's share-based compensation rose from $103 million in 2022 to $164 million in 2023—an arguably unjustified increase given the modest change in headcount."

在費用方面，Sigel觀察到“ Circle的基於股份的薪酬從2022年的1.03億美元增加到2023年的1.64億美元，這是由於員工人數的適度變化，這可能是不合理的。”

The company's full-time employee count grew only slightly, shifting from 326 to 359, indicating that higher average pay and equity grants significantly contributed to the rise in expenses.

該公司的全職員工數量僅略有增長，從326個轉移到359，這表明較高的平均工資和股票贈款顯著促進了支出的增加。

The financials also reflect a broader pressure on USDC's dominance. While it remains the second-largest dollar-pegged stablecoin after Tether (USDT/USD), USDC's market share has faced headwinds in a highly competitive environment.

財務還反映出對USDC的統治地位的更大壓力。儘管它仍然是僅次於Tether（USDT/USD）的第二大美元固定車，但USDC的市場份額在競爭激烈的環境中面臨著逆風。

Still, Circle reported interest income of $779 million in 2023, largely from its holdings in short-duration U.S. Treasuries. This interest income was a substantial portion of its total revenue, highlighting the importance of yield optimization for the company's profitability.

儘管如此，Circle仍報告了2023年的利息收入為7.79億美元，這主要來自其在美國短期紀念品中的持股。這種利息收入是其總收入的很大一部分，強調了對公司盈利能力優化收益的重要性。

Circle's IPO filing with the SEC signals the company's renewed ambition to go public, following its failed 2021 SPAC merger. The company intends to list its Class A shares on the New York Stock Exchange under the ticker symbol "CRCL," though pricing details remain undisclosed.

Circle向SEC提交的IPO提交給公司的雄心勃勃的野心，因為其2021年SPAC合併失敗了。該公司打算在紐約證券交易所的A級股票“ CRCL”下列出其A類股份，儘管定價細節仍未公開。

"Becoming a public company is a continuation of our dedication to transparency and accountability," said CEO Jeremy Allaire in a statement. He positioned the IPO as part of Circle's broader mission to modernize financial infrastructure through blockchain-based assets.

首席執行官傑里米·阿萊爾（Jeremy Allaire）在一份聲明中說：“成為一家上市公司是我們致力於透明和問責制的一種延續。”他將IPO定位為Circle通過基於區塊鏈的資產進行現代化金融基礎設施現代化的更廣泛使命的一部分。

The filing comes at a pivotal time, as USDC recently regained market confidence following a de-pegging scare linked to the Silicon Valley Bank crisis, and as political momentum builds around stablecoin legislation in the U.S.

該文件是在關鍵時期的，因為美國農業部最近在與硅谷銀行危機相關的恐懼之後重新獲得了市場信心，並且隨著政治勢頭圍繞美國的Stablecoin立法建立

President Donald Trump has expressed support for stablecoin regulation aimed at preserving the dollar's global influence, a move that could benefit Circle as it enters public markets.

唐納德·特朗普（Donald Trump）總統表示支持旨在維護美元的全球影響力的Stablecoin法規，此舉可能會在進入公共市場時受益。

If successful, Circle would join the ranks of other publicly listed crypto companies such as Coinbase (NASDAQ:COIN) and Block, Inc. (NYSE:SQ), offering investors a new way to gain exposure to the rapidly evolving stablecoin sector.

如果成功，Circle將加入其他公開上市的加密公司（例如Coinbase（NASDAQ：COIN）和Block，Inc。（NYSE：SQ））的行列，為投資者提供了一種新的方式，以獲取快速發展的Stablecoin行業。