Circle的新IPO文件阐明了其与Coinbase的关系，包括数百万美元用于USDC Stablecoin分布的交易所。

根据文件，该公司在2024年的收入中有50％用于Coinbase。 S-1表明，Circle在2024年创造了16.7亿美元的收入。

Circle’s new initial public offering (IPO) filing has shed light on its relationship with Coinbase, including the millions paid to the exchange for USDC stablecoin distribution.

Circle的新首次公开募股（IPO）备案揭示了其与Coinbase的关系，包括数百万支付给USDC Stablecoin分销的交易所。

According to the filing, over 50% of the firm’s revenue in 2024 went to Coinbase.

根据文件，该公司在2024年的收入中有50％用于Coinbase。

The S-1, a preliminary filing for companies planning to go public, shows that Circle generated $1.67 billion in revenue for 2024. This represents a sizable increase from $1.4 billion in 2023 and $772 million in 2022.

S-1是计划公开公开的公司的初步申请，表明Circle在2024年的收入中产生了16.7亿美元的收入。这是从2023年的14亿美元和2022年的7.72亿美元增加。

However, the company is doing worse financially as earnings before interest, tax, depreciation, and amortization (EBITDA) decreased by 29% to $285 million, and net income also fell by 42% to $155.67 million.

但是，由于利息，税收，折旧和摊销（EBITDA）的收益下降了29％，至2.85亿美元，因此该公司的财务状况较差，净收入也下降了42％，至1.5567亿美元。

While many factors caused this, analysts have identified the major problems as Circle’s distribution costs and reliance on Coinbase.

尽管许多因素引起了这一点，但分析师已将主要问题确定为Circle的分配成本以及对Coinbase的依赖。

According to the filing, the USDC issuer spent $1.01 billion in distribution and transaction costs for 2024, beating its expenses in 2023 and 2024.

根据文件，USDC发行人在2024年的分配和交易成本上花费了10.1亿美元，超过了2023年和2024年的费用。

Interestingly, Coinbase got most of these funds, receiving $908 million while Binance also got $60.25 million and monthly fees for its partnership with Circle.

有趣的是，Coinbase获得了其中的大多数资金，获得了9.08亿美元，而Binance也获得了6025万美元的收入，并获得了与Circle合作的每月费用。

The massive amount paid to Coinbase is due to the share of USDC being held on the exchange. The supply of USDC on Coinbase is now 20% of the total USDC in circulation, up from the 5% it was in 2022.

Coinbase支付的大量金额是由于在交易所持有的USDC所占的份额。 Coinbase上的USDC的供应现在是流通总额的20％，高于2022年的5％。

Although the amount paid to Coinbase is surprising, the two companies have a long relationship. In 2018, they formed the Centre consortium that launched USDC but Circle gained full control of the stablecoin in 2023 when they dissolved the consortium.

尽管支付给Coinbase的金额令人惊讶，但两家公司的关系很长。 2018年，他们组成了中心财团，该联盟推出了USDC，但Circle在2023年解散了该财团时对Stablecoin的全面控制。

However, Circle had to pay $210 million in its own stock to buy Coinbase’s stake in Centre, giving the exchange around 8.4 million common shares for the stake. With this relationship, Coinbase stands to be a major beneficiary of Circle’s IPO success.

但是，Circle必须支付自己的股票2.1亿美元才能购买Coinbase在中心的股份，并为该股份提供了约840万股公共股票。有了这种关系，Coinbase将成为Circle IPO成功的主要受益者。

Analysts raise concerns about Circle’s financials

分析师引起了人们对Circle财务的担忧

Meanwhile, Circle’s IPO filing has put the company in the public eye, with financial analysts raising concerns about its business fundamentals.

同时，Circle的IPO申请使该公司成为了公众的关注，财务分析师引起了人们对其业务基础的担忧。

According to commenters such as the head of digital assets research at VanEck, Matthew Sigel, and Farside Investors, the company’s high distribution costs are a major issue.

根据Vaneck，Matthew Sigel和Farside Investors的数字资产研究负责人的评论者的说法，该公司的高配电成本是一个主要问题。

The massive distribution costs highlight how USDC growth in the past year might be coming at a high price for Circle’s business. USDC has been the fastest-growing stablecoin in the past few months. Its circulating supply increased by 100% in the last 12 months with more than $15 billion this year alone, enough to raise its market cap above $60 billion.

巨大的分销成本突出了过去一年中USDC的增长如何以高价而产生Circle的业务。在过去的几个月中，USDC一直是增长最快的Stablecoin。在过去的12个月中，其循环供应量增加了100％，仅今年今年超过150亿美元，足以将市值提高到600亿美元以上。

Farside Investors also noted the company’s massive spending on compensation and higher-than-expected gross creation and redemption numbers for USDC.

Farside Investors还指出，该公司在薪酬方面的巨大支出和超过预期的USDC的总体创造和赎回数字。

The firm wrote: “The gross creation and redemption numbers are a lot higher than we would have thought for USDC. Gross creations in a year are many multiples higher than the outstanding balance.”

该公司写道：“总的创造和赎回数量比我们想象的要高得多。一年中的总创造力比杰出的平衡高很多。”