Circle Internet财务显示在公开上市之前混合财务状况，收入增长了16％，但获利能力下降

USD Coin USDC/USD背后的公司Circle Internet Financial在其计划的公开清单之前显示出混合的财务状况

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）背后的公司，它以混合的财务状况进入公众市场，展示了强劲的收入增长，但由于成本较高和赎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的数字资产研究负责人Matthew Sigel在解剖新提交的S-1招股说明书的文章中，强调了Circle的Topline动量与其底线表现之间的脱节。

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.

根据Sigel的分析，Circle的利息，税收，折旧和摊销（EBITDA）的收益下降了78％，净收入下降了66％，尽管收入增加了16％，全职员工增长了10％。这种低迷归因于更具竞争力的市场环境和更高的成本。

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进一步指出，Circle的总赎回飙升至2023年的1650亿美元，从2022年的980亿美元增加了。这表明用户正在迅速向稳定的资本旋转和从Stablecoin中旋转，以优化收益率。

"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解释说：“这也引起了利润率的恶化，因为Circle的盈利能力在很大程度上取决于其保留兴趣赚钱储量的能力。”

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."

在费用方面，Sigel观察到“ Circle的基于股份的薪酬从2022年的1.03亿美元增加到2023年的1.64亿美元，这是由于员工人数的适度变化，这可能是不合理的。”

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.

该公司的全职员工数量仅略有增长，从326个转移到359，这表明较高的平均工资和股票赠款显着促进了支出的增加。

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.

财务还反映出对USDC的统治地位的更大压力。尽管它仍然是仅次于Tether（USDT/USD）的第二大美元固定车，但USDC的市场份额在竞争激烈的环境中面临着逆风。

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.

尽管如此，Circle仍报告了2023年的利息收入为7.79亿美元，这主要来自其在美国短期纪念品中的持股。这种利息收入是其总收入的很大一部分，强调了对公司盈利能力优化收益的重要性。

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提交给公司的雄心勃勃的野心，因为其2021年SPAC合并失败了。该公司打算在纽约证券交易所的A级股票“ CRCL”下列出其A类股份，尽管定价细节仍未公开。

"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.

首席执行官杰里米·阿莱尔（Jeremy Allaire）在一份声明中说：“成为一家上市公司是我们致力于透明和问责制的一种延续。”他将IPO定位为Circle通过基于区块链的资产进行现代化金融基础设施现代化的更广泛使命的一部分。

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.

该文件是在关键时期的，因为美国农业部最近在与硅谷银行危机相关的恐惧之后重新获得了市场信心，并且随着政治势头围绕美国的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.

唐纳德·特朗普（Donald Trump）总统表示支持旨在维护美元的全球影响力的Stablecoin法规，此举可能会在进入公共市场时受益。

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将加入其他公开上市的加密公司（例如Coinbase（NASDAQ：COIN）和Block，Inc。（NYSE：SQ））的行列，为投资者提供了一种新的方式，以获取快速发展的Stablecoin行业。