由塔娜·登（Tanay Ven）

編譯者：白話區塊鏈

Major U.S. stablecoin issuer Circle has achieved impressive revenue figures of $1.7 billion in 2024, with 99% of this income derived from interest on USDC reserves. In its S-1 filing for a planned IPO, Circle highlights the role of partners such as Coinbase and BN in expanding USDC coverage and the sensitivity of its business model to interest rate changes.

美國穩定的發行人圈元素在2024年獲得了17億美元的令人印象深刻的收入數據，其中99％的收入來自USDC儲備金的利息。 Circle在為計劃的IPO提交的S-1申請中，強調了Coinbase和BN等合作夥伴在擴大USDC覆蓋範圍以及其業務模型對利率變化的敏感性方面的作用。

Key Takeaways:

關鍵要點：

1. Circle's IPO filing provides a glimpse into the financials and strategic outlook of a fundamental cryptocurrency company. The only way for public markets to directly invest in the fastest-growing sector of cryptocurrency.

1。 Circle的IPO申請可瞥見基本加密貨幣公司的財務和戰略前景。公眾市場直接投資加密貨幣發展最快的領域的唯一方法。

2. Circle's IPO filing provides a glimpse into the financials and strategic outlook of a fundamental cryptocurrency company. The only way for public markets to directly invest in the fastest-growing sector of cryptocurrency.

2。 Circle的IPO申請可瞥見基本加密貨幣公司的財務和戰略前景。公眾市場直接投資加密貨幣發展最快的領域的唯一方法。

3. Despite a decline in net profit and adjusted EBITDA, the filing showcases the recovery of USDC supply, which increased 80% to $44 billion for the full year.

3。儘管淨利潤下降並調整了EBITDA，但該文件仍展示了USDC供應的回收率，全年增長了80％，達到440億美元。

4. USDC's on-chain data from Glassnode reveals a 30-day average transfer volume of approximately $40 billion and the varying stages of adoption across chains.

4。 USDC來自GlassNode的鍊鍊數據顯示，平均轉移量約為400億美元，並且跨鏈的採用階段的不同階段。

5. As interest rates fall, Circle aims to diversify its revenue through active product lines such as Circle Mint and by expanding its tokenized asset infrastructure through the acquisition of Hashnote, the largest issuer of tokenized money market funds.

5。隨著利率下降，Circle旨在通過諸如Circle Mint之類的活躍產品線來多樣化其收入，並通過收購Hashnote（標記貨幣市場基金的最大發行人）來擴展其令牌化資產基礎設施。

Introduction

介紹

Circle, the largest U.S. stablecoin issuer and the company behind the $60 billion USDC, recently filed for an IPO. This move provides valuable insight into the financials and strategic outlook of this fundamental cryptocurrency company. The IPO comes at a critical time, considering the approaching legislation for stablecoins and the increasing competition in the industry.

Circle是美國最大的STABLECOIN發行人，也是600億美元的售後公司，該公司最近申請了IPO。此舉為這家基本加密貨幣公司的財務和戰略前景提供了寶貴的見解。 IPO在關鍵時刻進行，考慮到穩定幣的即將安排的立法以及行業中日益增長的競爭。

While market conditions may lead to a delay in the IPO and the company will not disclose the number of shares or the planned valuation, this analysis will focus on the key takeaways from Circle's IPO filing. It will also examine USDC's on-chain data to evaluate the recovery of market confidence, the role of platforms such as Coinbase and BN in driving USDC adoption, and the sensitivity of USDC to interest rate changes.

儘管市場條件可能會導致IPO延遲，並且該公司不會披露股份的數量或計劃的估值，但該分析將重點放在Circle IPO文件中的關鍵要點上。它還將檢查USDC的鏈上數據，以評估市場信心的恢復，Coinbase和BN等平台在推動USDC採用中的作用以及USDC對利率變化的敏感性。

Finally, we will discuss Circle's positioning in an increasingly competitive market with new entrants and the implications for the future of stablecoins as a new class of asset.

最後，我們將與新進入者討論Circle在日益競爭的市場中的定位，以及對Stablecoins作為新資產的未來的影響。

Circle Financial Overview

圈子財務概述

From its original Bitcoin payment application to becoming a leading stablecoin issuer and crypto infrastructure provider, Circle has faced many challenges in its 12-year journey. After an explosive period of revenue growth in 2021 (450%) and 2022 (808%), growth slowed in 2023 with revenue increasing by 88% when USDC was affected by the collapse of Silicon Valley Bank.

從最初的比特幣支付應用程序到成為領先的Stablecoin發行人和加密基礎設施提供商，Circle在其12年的旅程中面臨許多挑戰。在2021年的收入增長（450％）和2022年（808％）之後，2023年的增長速度放緩，當USDC受到矽谷銀行崩潰的影響時，收入增長了88％。

At the end of 2024, Circle reported revenue of $1.7 billion, showing a more stable trend with a year-on-year increase of 15%. However, profitability was compressed, with net profit and adjusted EBITDA falling by 42% and 28% to $157 million and $285 million, respectively.

在2024年底，Circle報告的收入為17億美元，顯示出更穩定的趨勢，同比增長15％。但是，盈利能力被壓縮，淨利潤和調整後的EBITDA分別下降了42％，分別下降了28％，至1.57億美元和2.85億美元。

It is worth noting that Circle's financial data shows that revenue is highly concentrated in reserve interest income, and the allocation costs with partners such as Coinbase and BN are as high as about $1.01 billion. But these factors have driven the recovery of USDC supply, which increased 80% to $44 billion for the full year.

值得注意的是，Circle的財務數據表明，收入高度集中在儲備金收入中，而Coinbase和BN等合作夥伴的分配成本高達10.1億美元。但是這些因素促進了USDC供應的恢復，全年增長了80％，達到440億美元。

USDC’s On-Chain Growth

USDC的鍊鍊增長

USDC is the core of Circle's business and was launched in 2018 in partnership with Coinbase. USDC is a tokenized form of the U.S. dollar that allows users to store value in digital form and trade on a blockchain network, enabling near-instant low-cost settlement. USDC uses a full reserve model and is 1:1 backed by highly liquid assets, including short-term U.S. Treasury bonds, overnight repurchase agreements, and cash held by regulated financial institutions.

USDC是Circle業務的核心，並於2018年與Coinbase合作推出。 USDC是美元的象徵性形式，可讓用戶以數字形式存儲價值，並在區塊鍊網絡上存儲價值，從而實現近乎固有的低成本結算。 USDC使用完整的儲備模式，是1：1，由高度流動資產的支持，包括短期美國財政債券，隔夜回購協議以及受監管金融機構持有的現金。

The total supply of USDC has grown to about $60 billion, firmly ranking second in the stablecoin market after Tether's USDT. Although market share was under pressure in 2023, it has rebounded to 26%, reflecting the recovery of market confidence. Of this, about $40 billion (65%) was issued on Ethereum, $9.5 billion on Solana (15%), $3.75 billion on Base Layer-2 (6%), and the rest on Arbitrum, Optimism, Polygon, Avalanche and other chains.

USDC的總供應已增長到約600億美元，在Tether的USDT之後，在Stablecoin市場排名第二。儘管2023年的市場份額承受著壓力，但它已經反彈至26％，這反映了市場信心的恢復。其中，在以太坊上發行了約400億美元（65％），索拉納（Solana）（15％），基礎2層（6％）（6％）以及仲裁，樂觀，樂觀，多邊形，雪崩和其他鏈條發行了95億美元。

USDC's speed and transfer volume have also grown significantly, with a 30-day average transfer volume of approximately $40 billion. In 2025, USDC transfers occurred primarily on Base and Ethereum, sometimes accounting for 9

USDC的速度和轉移量也已顯著增長，平均轉移量約為400億美元。在2025年，USDC轉移主要發生在基礎和以太坊上，有時為9