由塔娜·登（Tanay Ven）

编译者：白话区块链

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.

美国稳定的发行人圈元素在2024年获得了17亿美元的令人印象深刻的收入数据，其中99％的收入来自USDC储备金的利息。 Circle在为计划的IPO提交的S-1申请中，强调了Coinbase和BN等合作伙伴在扩大USDC覆盖范围以及其业务模型对利率变化的敏感性方面的作用。

Key Takeaways:

关键要点：

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申请可瞥见基本加密货币公司的财务和战略前景。公众市场直接投资加密货币发展最快的领域的唯一方法。

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申请可瞥见基本加密货币公司的财务和战略前景。公众市场直接投资加密货币发展最快的领域的唯一方法。

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。尽管净利润下降并调整了EBITDA，但该文件仍展示了USDC供应的回收率，全年增长了80％，达到440亿美元。

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来自GlassNode的链链数据显示，平均转移量约为400亿美元，并且跨链的采用阶段的不同阶段。

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。随着利率下降，Circle旨在通过诸如Circle Mint之类的活跃产品线来多样化其收入，并通过收购Hashnote（标记货币市场基金的最大发行人）来扩展其令牌化资产基础设施。

Introduction

介绍

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是美国最大的STABLECOIN发行人，也是600亿美元的售后公司，该公司最近申请了IPO。此举为这家基本加密货币公司的财务和战略前景提供了宝贵的见解。 IPO在关键时刻进行，考虑到稳定币的即将安排的立法以及行业中日益增长的竞争。

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.

尽管市场条件可能会导致IPO延迟，并且该公司不会披露股份的数量或计划的估值，但该分析将重点放在Circle IPO文件中的关键要点上。它还将检查USDC的链上数据，以评估市场信心的恢复，Coinbase和BN等平台在推动USDC采用中的作用以及USDC对利率变化的敏感性。

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.

最后，我们将与新进入者讨论Circle在日益竞争的市场中的定位，以及对Stablecoins作为新资产的未来的影响。

Circle Financial Overview

圈子财务概述

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.

从最初的比特币支付应用程序到成为领先的Stablecoin发行人和加密基础设施提供商，Circle在其12年的旅程中面临许多挑战。在2021年的收入增长（450％）和2022年（808％）之后，2023年的增长速度放缓，当USDC受到硅谷银行崩溃的影响时，收入增长了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报告的收入为17亿美元，显示出更稳定的趋势，同比增长15％。但是，盈利能力被压缩，净利润和调整后的EBITDA分别下降了42％，分别下降了28％，至1.57亿美元和2.85亿美元。

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的财务数据表明，收入高度集中在储备金收入中，而Coinbase和BN等合作伙伴的分配成本高达10.1亿美元。但是这些因素促进了USDC供应的恢复，全年增长了80％，达到440亿美元。

USDC’s On-Chain Growth

USDC的链链增长

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业务的核心，并于2018年与Coinbase合作推出。 USDC是美元的象征性形式，可让用户以数字形式存储价值，并在区块链网络上存储价值，从而实现近乎固有的低成本结算。 USDC使用完整的储备模式，是1：1，由高度流动资产的支持，包括短期美国财政债券，隔夜回购协议以及受监管金融机构持有的现金。

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的总供应已增长到约600亿美元，在Tether的USDT之后，在Stablecoin市场排名第二。尽管2023年的市场份额承受着压力，但它已经反弹至26％，这反映了市场信心的恢复。其中，在以太坊上发行了约400亿美元（65％），索拉纳（Solana）（15％），基础2层（6％）（6％）以及仲裁，乐观，乐观，多边形，雪崩和其他链条发行了95亿美元。

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的速度和转移量也已显着增长，平均转移量约为400亿美元。在2025年，USDC转移主要发生在基础和以太坊上，有时为9