Circle最近的IPO文件显示，该公司从USDC中赚取的钱比Coinbase少。

加密货币公司Circle最近提交的IPO申请表明，该公司从美元硬币（USDC）Stablecoin中赚取的钱少于加密货币交易所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.

加密货币公司Circle以其USD硬币（USDC）Stablecoin而闻名，最近申请了首次公开募股（IPO），该公司表明，尽管交易所分配了巨大的分销费用，但它的收入比加密货币交易所共同基础较少。

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.

根据Circle的IPO申请，其最大的费用是为Coinbase支付的9.08亿美元进行分销。这与Coinbase在2024年报告的70亿美元的收入相比。对于观点，仅交易费用就造成了去年交易所总收入的50亿美元。

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.

对文件的进一步分析表明，如果美联储将利率从目前的水平降低200个基点，则Circle估计净收入损失的4.14亿美元亏损。

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发行人还强调了USDC的出色增长，该公司的循环供应飙升超过78％。现在的市值为600亿美元，使其成为第二大稳定。

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申请还展示了USDC促进的大量交易，该交易的终身交易量令人难以置信的25万亿美元。自令牌成立以来，已经铸造和赎回了价值超过1万亿美元的令牌，目前总共有19个具有本地区块链发行的区块链。

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的同比增长，收入从2022年到2024年增加了一倍以上（7.72亿美元至近17亿美元）。该公司去年还设法获得了2.216亿美元的利润，这与2022年在残酷的熊市上张贴的7.58亿美元亏损形成鲜明对比。

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.

对于那些不熟悉的人，Circle通过备份USDC的储备金产生收入，而Coinbase通常会从在其平台上执行的加密货币交易收取的交易费中赚取收入。

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最近报告了其第四季度的收入，该收入为23亿美元令人印象深刻。在这笔款项中，交易费用构成了大多数，特别是22亿美元，而订阅和服务产生了6.84亿美元。

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申请是在加密货币领域蓬勃发展的竞争格局中。随着区块链技术的迅速发展，用于加密货币的新用例不断出现，为该领域的创新者带来了新的收入机会。

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还推出了自己的高度监管的Stablecoin产品，旨在利用对数字货币不断增长的需求。