Circle最近的IPO文件顯示，該公司從USDC中賺取的錢比Coinbase少。

加密貨幣公司Circle最近提交的IPO申請表明，該公司從美元硬幣（USDC）Stablecoin中賺取的錢少於加密貨幣交易所Coinbase。

Cryptocurrency firm Circle, known for its USD Coin (USDC) stablecoin, recently filed for an initial public offering (IPO), revealing that it generates less revenue than cryptocurrency exchange Coinbase despite a significant distribution expense to the exchange.

加密貨幣公司Circle以其USD硬幣（USDC）Stablecoin而聞名，最近申請了首次公開募股（IPO），該公司表明，儘管交易所分配了巨大的分銷費用，但它的收入比加密貨幣交易所共同基礎較少。

According to Circle's IPO filing, its largest expense was $908 million paid to Coinbase for distribution. This is in comparison to Coinbase's reported revenue of $7.0 billion in 2024. For perspective, transaction fees alone contributed to $5.0 billion of the exchange's total revenue last year.

根據Circle的IPO申請，其最大的費用是為Coinbase支付的9.08億美元進行分銷。這與Coinbase在2024年報告的70億美元的收入相比。對於觀點，僅交易費用就造成了去年交易所總收入的50億美元。

Further analysis of the filing shows that Circle is estimating a staggering $414 million loss in net income if the Federal Reserve were to decrease interest rates by 200 basis points from their current level.

對文件的進一步分析表明，如果美聯儲將利率從目前的水平降低200個基點，則Circle估計淨收入損失的4.14億美元虧損。

The stablecoin issuer is also highlighting the stellar growth of USDC, which saw its circulating supply skyrocket by more than 78%. Its market cap now stands at $60 billion, making it the second-largest stablecoin.

Stablecoin發行人還強調了USDC的出色增長，該公司的循環供應飆升超過78％。現在的市值為600億美元，使其成為第二大穩定。

The IPO filing also showcases the vast volume of transactions facilitated by USDC, which has seen an incredible $25 trillion in lifetime on-chain transaction volume. More than $1 trillion worth of tokens have been minted and redeemed since the token's inception, and it is currently available on a total of 19 blockchains with native blockchain issuance.

IPO申請還展示了USDC促進的大量交易，該交易的終身交易量令人難以置信的25萬億美元。自令牌成立以來，已經鑄造和贖回了價值超過1萬億美元的令牌，目前總共有19個具有本地區塊鏈發行的區塊鏈。

In terms of revenue, Circle has seen a significant year-over-year increase, with revenue more than doubling from 2022 to 2024 ($772 million to nearly $1.7 billion). The company also managed to secure a $221.6 million profit last year, which is a stark contrast to the whopping $758 million loss it posted in 2022 during the brutal bear market.

在收入方面，Circle的同比增長，收入從2022年到2024年增加了一倍以上（7.72億美元至近17億美元）。該公司去年還設法獲得了2.216億美元的利潤，這與2022年在殘酷的熊市上張貼的7.58億美元虧損形成鮮明對比。

For those unfamiliar, Circle generates revenue through interest on the reserves that back USDC, while Coinbase typically earns revenue from transaction fees charged on cryptocurrency trades executed on its platform.

對於那些不熟悉的人，Circle通過備份USDC的儲備金產生收入，而Coinbase通常會從在其平台上執行的加密貨幣交易收取的交易費中賺取收入。

Coinbase recently reported its Q4 revenue, which came in at an impressive $2.3 billion. Of this sum, transaction fees made up the majority, specifically $2.2 billion, while subscriptions and services generated $684 million.

Coinbase最近報告了其第四季度的收入，該收入為23億美元令人印象深刻。在這筆款項中，交易費用構成了大多數，特別是22億美元，而訂閱和服務產生了6.84億美元。

Circle's IPO filing comes amid a burgeoning competitive landscape in the cryptocurrency sector. As blockchain technology rapidly advances, new use cases for cryptocurrencies are continually emerging, presenting fresh revenue opportunities for innovators in the space.

Circle的IPO申請是在加密貨幣領域蓬勃發展的競爭格局中。隨著區塊鏈技術的迅速發展，用於加密貨幣的新用例不斷出現，為該領域的創新者帶來了新的收入機會。

In addition to Coinbase, PayPal and Ripple have also launched their own highly regulated stablecoin products, aiming to capitalize on the growing demand for digital currencies.

除了Coinbase外，PayPal和Ripple還推出了自己的高度監管的Stablecoin產品，旨在利用對數字貨幣不斷增長的需求。