加密货币公司Circle的最新IPO提交已揭示

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。

The recent IPO filing of cryptocurrency firm Circle has revealed that the company makes less money off the USD Coin (USDC) stablecoin than cryptocurrency exchange Coinbase. In fact, Circle's largest expense was $908 million to Coinbase for distribution.

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。实际上，Circle最大的费用是Coinbase的9.08亿美元进行分发。

According to the filing, which was submitted on Thursday with the Securities and Exchange Commission, Circle's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $285 million for 2024. The company's largest expense was $908 million for "net revenue share paid to Coinbase for distribution, after considering USDC rewards."

根据周四向美国证券交易委员会提交的文件，Circle在利息，税收，折旧和摊销之前的调整后收益（EBITDA）的2024年为2.85亿美元。该公司最大的费用为9.08亿美元，用于考虑USDDC的净收入，用于分配的净收入净收入。”

The filing also shows that Circle's profits could be slashed by $414 million if the Federal Reserve were to lower interest rates by 200 basis points.

该文件还表明，如果美联储将利率降低200个基点，则Circle的利润可能会被削减4.14亿美元。

The stablecoin issuer is applying to list its shares on the New York Stock Exchange under the ticker "NYSE:C."

Stablecoin发行人正在申请根据股票“ NYSE：c”在纽约证券交易所上市的股份。

The company's S-1 is a reminder of Coinbase's (NASDAQ:COIN) power in the crypto ecosystem. In '24, Circle had $1.7b revenue and $285m EBITDA. Impressive financial profile. But its largest expense was $908m for distribution by Coinbase. Net of USDC rewards, Coinbase earns more than double the…pic.twitter.com/8yPLt9SKwW

该公司的S-1提醒着Coinbase（NASDAQ：COIN）的功率，在加密生态系统中。 24年，Circle的收入为1.7B美元和2.85亿美元的EBITDA。令人印象深刻的财务状况。但其最大的费用是通过Coinbase分配的9.08亿美元。 USDC奖励的网，Coinbase的赚取的收入高于…pic.twitter.com/8yplt9skww

— JJ Martin (@JJMartinDM) August 9, 2024

- JJ Martin（@JJMARTINDM）2024年8月9日

Notably, USDC, the second-largest stablecoin by market capitalization, saw impressive growth in 2024, with its circulating supply increasing by more than 78%. Its market cap currently stands at $60 billion, which makes USDC the second-largest stablecoin (only behind Tether's USDT).

值得注意的是，纽约市（USDC）是市值第二大稳定币，在2024年增长了令人印象深刻的增长，其循环供应量增长了78％以上。目前，其市值为600亿美元，这使USDC成为第二大Stablecoin（仅次于Tether的USDT）。

The IPO filing shows that USDC, which was launched by Circle and Coinbase in 2018, has recorded $25 trillion in lifetime on-chain transaction volume, with more than $1 trillion worth of tokens being minted and redeemed since inception. There are also a total of 19 blockchains with native blockchain issuance.

IPO文件显示，Circle and Coinbase于2018年推出的USDC已记录了一生的终身交易量为25万亿美元，自从开始以来，造成了价值超过1万亿美元的代币。总共有19个区块链，并发行本地区块链。

The company has seen strong year-over-year revenue growth, which has more than doubled from 2022 to 2024 ($772 million to nearly $1.7 billion).

该公司的收入同比增长，从2022年到2024年增加了一倍以上（7.72亿美元至近17亿美元）。

The company secured a $221.6 million profit last year after posting a whopping $758 million loss in 2022 during a brutal bear market.

去年，该公司在残酷的熊市中损失了7.58亿美元的亏损，去年获得了2.216亿美元的利润。

Circle generates revenue with the help of interest on the reserves that back the popular stablecoin.

Circle在支持流行的Stablecoin的储备的帮助下产生收入。

Coinbase recently reported its stunning Q4 revenue of $2.3 billion. Transaction fees accounted for the majority of the sum.

Coinbase最近报道了其4 Q4收入为23亿美元。交易费用占该款项的大部分。

Circle's IPO filing comes amid stiffening competition within the sector as other players, such as PayPal (NASDAQ:PYPL) and Ripple, have launched their own highly regulated stablecoin products.

Circle的IPO申请是在该行业内部竞争激烈的竞争中，因为其他玩家（例如PayPal（NASDAQ：PYPL）和Ripple）推出了自己的高度监管的Stablecoin产品。