Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Financial Data and Key Metrics Changes - USDC in circulation reached $61.3 billion at the end of Q2 2025, representing a 90% year-over-year growth, and increased to $65.2 billion by August 10, 2025, marking a 6.4% growth since quarter-end [7][26] - Total revenue and reserve income increased by 53% year-over-year to $658 million in Q2 2025, while total distribution transaction and other costs rose by 64% year-over-year to $407 million [26][27] - Adjusted EBITDA for Q2 2025 was $126 million, up 52% year-over-year, with a 50% adjusted EBITDA margin [28] Business Line Data and Key Metrics Changes - USDC on-chain transaction volume grew 5.4 times year-over-year to nearly $6 trillion, with a significant acceleration into Q3 [7][25] - CCTP volume also showed strong growth, up 4.1 times year-over-year, indicating the importance of blockchain interoperability [25] - Other revenue increased to $24 million in Q2 2025, up 3.5 times year-over-year, driven by a $13 million increase in subscription and services revenue [27] Market Data and Key Metrics Changes - The total addressable market for stablecoins is estimated to be massive, with dollar stablecoins representing only 1% of the U.S. M2 money supply [8][9] - The company operates the largest regulated stablecoin network globally, with significant growth driven by partnerships with major financial institutions and technology companies [10][11] Company Strategy and Development Direction - The company aims to build a new Internet financial system using blockchain and digital currency, focusing on mainstream adoption of stablecoins [6][7] - The launch of the Circle Payments Network (CPN) and the new Layer 1 blockchain network, Arc, are key initiatives to enhance global money movement and financial services [12][15] - The Genius Act is expected to accelerate stablecoin adoption among major financial institutions and enterprises, creating a favorable regulatory environment [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the rapid expansion of commercial opportunities post-IPO and the Genius Act, with increasing interest from various sectors [8][11] - The company anticipates a conservative multi-year growth rate of 40% CAGR for USDC, with other revenue expected to range between $75 million and $85 million for 2025 [30][32] - Management emphasized the importance of building strong partnerships and the long-term potential of the stablecoin market [29][30] Other Important Information - The company has reserved 2.7 million shares of Class A common stock for future donations to the Circle Foundation as part of its corporate impact commitment [8] - The company is focused on enhancing its liquidity capabilities and expanding its partnerships with global financial institutions [12][18] Q&A Session Summary Question: Insights on ARC and its revenue model - Management highlighted that ARC is designed to support mainstream regulated financial institutions and that gas fees denominated in USDC could become a source of revenue [34][36] Question: Details on the USYC partnership with Binance - The partnership with Binance includes deeper integration of Circle's wallet technology and aims to promote USDC and USYC as yield-bearing collateral [39][41] Question: Understanding transaction volume versus circulation - Management explained that the high velocity of USDC transactions is due to improvements in blockchain technology, allowing for faster and cheaper transactions [48][50] Question: Future milestones for CPN - The focus is on activating more payment corridors and enhancing product features based on market demand [54][56] Question: Payment networks and competition - Management stated that the company views itself as part of a broader ecosystem, encouraging multiple networks to utilize USDC [64][66] Question: Adoption of USDC in remittance - The company is seeing increased demand for USDC in remittance, with partnerships expanding in this area [76][78] Question: Partnership with OKX - The partnership with OKX aims to integrate Circle Wallet technology and enhance liquidity for USDC among its 60 million users [82][84] Question: Growth post-Genius Act - Management noted a significant increase in institutional interest and engagement since the passage of the Genius Act, indicating a positive market response [94][96]

Financial Data and Key Metrics Changes - USDC in circulation grew to $61.3 billion at June 30, representing a 90% year-over-year increase, and reached $65.2 billion by August 10, marking a 6.4% increase since quarter-end [7][28] - Total revenue and reserve income increased by 53% year-over-year to $658 million in Q2, while total distribution transaction and other costs rose by 64% year-over-year to $407 million [28][29] - Adjusted EBITDA was $126 million in the quarter, up 52% year-over-year, resulting in a 50% adjusted EBITDA margin [30] Business Line Data and Key Metrics Changes - USDC on-chain transaction volume grew 5.4 times year-over-year to nearly $6 trillion, with $2.4 trillion in transactions recorded in July alone [7][27] - CCTP volume also showed significant growth, up 4.1 times year-over-year, indicating the importance of blockchain interoperability [27] - Other revenue increased to $24 million in Q2, up 3.5 times year-over-year, primarily driven by a $13 million increase in subscription and services revenue [29] Market Data and Key Metrics Changes - The total addressable market for stablecoins is considered massive, with dollar stablecoins representing only 1% of the U.S. M2 money supply [9] - The company operates the largest regulated stablecoin network globally, with significant growth driven by partnerships with major financial institutions and technology companies [11][22] Company Strategy and Development Direction - The company aims to build the largest stablecoin network, leveraging its platform to support developers, enterprises, and institutions [24] - The launch of the Circle Payments Network (CPN) is a key initiative to transform international money movement, with active payment corridors already established in several countries [13][58] - The introduction of ARC, a new Layer 1 blockchain, is designed to support stablecoin finance and enhance transaction efficiency [15][93] Management's Comments on Operating Environment and Future Outlook - Management highlighted the rapid expansion of commercial opportunities post-IPO and the positive impact of the Genius Act on stablecoin adoption [12][99] - The company anticipates a conservative multi-year growth rate of 40% CAGR for USDC, reflecting the increasing demand for stablecoins across various sectors [31][108] - Management emphasized the importance of building strong partnerships and the need for financial institutions to integrate new technologies, which may take time [100] Other Important Information - The company has committed to corporate impact by reserving shares for future donations to its foundation [9] - The regulatory environment is seen as a significant tailwind for the company's growth, particularly with the passage of the Genius Act [12][100] Q&A Session Summary Question: Thoughts on ARC and its revenue model - Management expressed excitement about ARC and its potential to underpin stablecoin finance, with gas fees in USDC expected to become a revenue source [35][39] Question: Details on USYC and partnership with Binance - The expanded partnership with Binance includes deeper integration of Circle's wallet technology and aims to promote USDC and USYC as yield-bearing collateral [40][44] Question: Understanding transaction volume versus circulation - Management explained that the high velocity of USDC transactions reflects improvements in blockchain technology and growing payment utility [50][53] Question: Milestones for CPN and its relationship with ARC - The focus is on activating more payment corridors and developing self-service tools for institutions to integrate with CPN [58][60] Question: Payment networks and competition - Management views USDC as a market-neutral infrastructure that supports various payment networks, emphasizing the importance of growing utility and distribution [64][66] Question: Adoption of USDC in remittance - The company is seeing increasing demand for USDC in remittance, with partnerships expanding in both consumer and B2B segments [78][80] Question: Partnership with OKX - The partnership with OKX aims to enhance liquidity and promote USDC to a large user base, contributing to the growth of the network [82][86] Question: Distribution and gas fees for ARC - Management discussed the goal of having a distributed network of professional validators for ARC, ensuring low and predictable transaction costs [90][92] Question: Impact of the Genius Act on growth - Management noted a significant increase in institutional interest post-Genius Act, which is expected to drive further adoption of USDC [95][100]

智通财经APP获悉，在完成近年来最引人注目的公开上市仅两个月后，稳定币发行商Circle(CRCL.US) 第二季度出现亏损，同时营收超出预期。截至发稿，该公司股价在盘前交易中上涨约7%，涨至约172美 元，其IPO发行价为31美元。 公司表示，总分销、交易和其他成本同比增长64%至4.07亿美元，主要源于USDC流通余额增加和 Coinbase平台持有USDC增长带来的分销支付增加，以及新战略合作伙伴关系产生的分销费用。 为促进增长，Circle于6月宣布计划在美国创建全国性信托银行。若获批，由联合创始人兼首席执行官杰 里米·阿莱尔领导的Circle将能够自行管理储备金，并可能通过备受追捧的美联储主账户直接接入美国支 付系统。 Circle表示，4.82亿美元的净亏损(合每股4.48美元)主要受到IPO相关非现金费用的重大影响。去年同期 公司实现净利润约3200万美元。营收增长53%至6.58亿美元，超过彭博调查分析师平均预期的6.473亿美 元。 该公司还宣布推出Arc——专为稳定币金融打造的开源Layer 1区块链，从而构建自主的全栈平台。 这家稳定币发行商第二季度经调整的息税折旧摊销前利润为1.26亿 ...

Market Overview - US stock index futures are all down before the market opens, with Dow futures down 0.05%, S&P 500 futures down 0.07%, and Nasdaq futures down 0.06% [1] - The German DAX index is down 0.49%, while the UK FTSE 100 is up 0.07%, and the French CAC40 is up 0.10% [2][3] - WTI crude oil is down 0.69% at $63.52 per barrel, and Brent crude oil is down 0.51% at $66.29 per barrel [3][4] Economic Data and Inflation - The US July Consumer Price Index (CPI) is set to be released, with expectations of a year-on-year increase of 2.8%, up from 2.7% in June [4][5] - Core CPI, excluding food and energy, is expected to rise to 3.0% year-on-year, indicating persistent inflation pressures [4][5] Corporate Earnings and Stock Buybacks - US companies are projected to repurchase over $1.1 trillion in stock this year, with $983.6 billion already announced [6] - Major companies leading the buyback trend include Apple, Alphabet, JPMorgan Chase, Bank of America, and Morgan Stanley [6] Federal Reserve and Interest Rates - There is speculation that the Federal Reserve may cut interest rates twice by 25 basis points this year, with some investors betting on a 50 basis point cut in September [5] - The selection process for the next Federal Reserve Chair is intensifying, with candidates including Michelle Bowman, Philip Jefferson, and Lori Logan [7] Trade Policies and Tariffs - Goldman Sachs warns that 70% of the costs from tariffs imposed by President Trump are being passed on to US consumers, with the burden expected to increase [7] - The US and China have agreed to pause the implementation of 24% tariffs for 90 days, while retaining 10% tariffs on certain goods [8] Company-Specific News - Sea Ltd reported Q2 revenue of $5.26 billion, a 38.2% year-on-year increase, driven by strong performance in e-commerce and digital financial services [9] - Circle's Q2 revenue increased by 53% to $658 million, with a net loss of $482 million primarily due to IPO-related expenses [10] - Smithfield Foods reported a Q2 sales increase of 11% to $3.79 billion, driven by strong demand for packaged meat products [11] - Tencent Music's Q2 revenue grew by 17.9% to 8.44 billion yuan, with online music service revenue increasing by 26.4% [12] - Pony.ai's Q2 revenue surged by 75.9% to 215 million USD, with a significant increase in Robotaxi passenger fare income [13] - Yalla Technology's Q2 revenue was $84.6 million, slightly below expectations, with a 7% decline in paid user numbers [14] Regulatory and Legal Developments - Elon Musk has criticized Apple for allegedly favoring OpenAI in the App Store, indicating potential legal action [15] - President Trump is considering allowing Nvidia and AMD to export downgraded AI chips to China, with a 15% revenue share for the US government [16]

格隆汇8月12日｜"稳定币第一股"Circle(CRCL.US)盘前直线拉升，一度涨超8%。业绩面上，Circle第二 季度营收6.58亿美元，同比增长53%；净亏损为4.82亿美元。 ...

Circle Q2 2025 Earnings Release [Performance Highlights](index=1&type=section&id=Performance%20Highlights) Circle's Q2 2025 saw strong USDC circulation and revenue growth, offset by an IPO-related net loss, alongside key strategic launches Q2 2025 Key Financial Metrics | Metric | Q2 2025 Value | Year-over-Year Change | | :--- | :--- | :--- | | USDC in Circulation | $61.3 billion | +90% | | Total Revenue and Reserve Income | $658 million | +53% | | Net Loss | $(482) million | - | | Adjusted EBITDA | $126 million | +52% | - The reported net loss of **$482 million** was significantly impacted by **$591 million** in non-cash charges related to the company's IPO. These charges consisted of **$424 million** for stock-based compensation and a **$167 million** increase in the fair value of convertible debt[5](index=5&type=chunk) - CEO Jeremy Allaire emphasized the successful IPO as a pivotal moment for both Circle and the broader adoption of stablecoins, noting accelerating interest from partners in the financial and internet sectors[4](index=4&type=chunk) - Key corporate developments include a successful **$1.2 billion IPO**, the launch of the Circle Payments Network, and the introduction of Arc, an open Layer-1 blockchain for stablecoin finance[5](index=5&type=chunk)[6](index=6&type=chunk) [Financial Results and Operating Indicators](index=2&type=section&id=Financial%20Results%20and%20Operating%20Indicators) Q2 2025 revenue grew **53%** to **$658 million**, with USDC circulation up **90%**, but a **$482 million** net loss was driven by IPO expenses [Key Financial Results and Operating Indicators Table](index=2&type=section&id=Key%20Financial%20Results%20and%20Operating%20Indicators%20Table) Q2 2025 Financial Results vs. Q2 2024 | Key Financial Results | Q2 2025 | YoY Change | | :--- | :--- | :--- | | Total Revenue and Reserve Income | $658M | 53% | | Revenue Less Distribution Costs (RLDC) | $251M | 38% | | RLDC Margin | 38% | (408bps) | | Net Income (Loss) | $(482)M | NM | | Adjusted EBITDA | $126M | 52% | | Adjusted EBITDA Margin | 50% | 463bps | Q2 2025 Key Operating Indicators vs. Q2 2024 | Key Operating Indicators | Q2 2025 | YoY Change | | :--- | :--- | :--- | | USDC in Circulation (end of period) | $61.3B | 90% | | Average USDC in Circulation | $61.0B | 86% | | Reserve Return Rate | 4.1% | (103bps) | | Stablecoin Market Share (end of period) | 28% | 595bps | | Meaningful Wallets (end of period) | 5.7M | 68% | [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) Reserve Income grew **50%** to **$634 million** from **86%** higher USDC circulation, with operating expenses including **$424 million** in IPO stock-based compensation - Reserve Income increased **50%** YoY to **$634 million**, primarily due to an **86%** growth in average USDC circulation, which was partially offset by a **103 bps** decline in the reserve return rate[10](index=10&type=chunk) - Other Revenue grew significantly by **252%** YoY to **$24 million**, driven by strong growth in Subscription and Services Revenue and Transaction Revenue[10](index=10&type=chunk) - Total Distribution, Transaction and Other Costs rose **64%** YoY to **$407 million**, mainly due to increased distribution payments tied to higher USDC circulation and new strategic partnerships[10](index=10&type=chunk) - Operating Expenses were **$577 million**, which includes a substantial **$424 million** in stock-based compensation expenses related to the vesting of RSUs upon the IPO[10](index=10&type=chunk) [Corporate & Commercial Highlights](index=2&type=section&id=Corporate%20%26%20Commercial%20Highlights) Circle completed a **$1.2 billion IPO**, launched CPN and Arc blockchain, expanded partnerships, and strengthened its regulated stablecoin position via the GENIUS Act [Initial Public Offering (IPO)](index=2&type=section&id=Initial%20Public%20Offering%20(IPO)) Circle completed a **$1.2 billion IPO** in June, selling **19.9 million shares** at **$31** for **$583 million** net proceeds - In June, Circle completed a **$1.2 billion** initial public offering. The company sold **19.9 million** new shares at **$31** per share, resulting in net proceeds of **$583 million** after underwriting discounts and before offering costs[6](index=6&type=chunk) [Strategic Initiatives and Partnerships](index=3&type=section&id=Strategic%20Initiatives%20and%20Partnerships) Circle launched the Circle Payments Network and Arc blockchain, showing strong momentum with **100+ institutions** and expanded strategic industry partnerships - The Circle Payments Network (CPN), launched in May, shows strong early momentum with **100+ financial institutions** in the pipeline and plans for expansion in H2 2025[10](index=10&type=chunk) - Circle introduced Arc, an open Layer-1 blockchain designed for stablecoin payments, FX, and capital markets, featuring USDC as the native gas token. A public testnet is expected in the fall[14](index=14&type=chunk) - The company announced new or expanded strategic partnerships with key industry players including Binance, Corpay, FIS, Fiserv, and OKX to broaden USDC adoption and integration[10](index=10&type=chunk)[14](index=14&type=chunk) [Regulatory Developments](index=3&type=section&id=Regulatory%20Developments) The GENIUS Act established a federal regulatory framework for payment stablecoins, strengthening Circle's position as a leading regulated issuer - The GENIUS Act was signed into law, establishing a federal regulatory framework for payment stablecoins. This development is seen as strengthening Circle's position as a leading regulated issuer, as the act codifies many of Circle's long-standing compliance practices[10](index=10&type=chunk) [Forward Outlook](index=4&type=section&id=Forward%20Outlook) Circle projects a multi-year **40% CAGR** for USDC circulation, with FY 2025 guidance for Other Revenue at **$75-$85 million** and Adjusted Operating Expenses at **$475-$490 million** Company Guidance | Key Indicator | Period | Outlook | | :--- | :--- | :--- | | USDC in Circulation | Multi-year through cycle | 40% CAGR | | Other Revenue | FY 2025 | $75-$85M | | RLDC Margin | FY 2025 | 36-38% | | Adjusted Operating Expenses | FY 2025 | $475-490M | [Financial Statements](index=8&type=section&id=Financial%20Statements) Total assets reached **$64.2 billion** by June 30, 2025, driven by stablecoin holdings, with Q2 2025 reporting a **$482.1 million net loss** due to **$503.4 million** in IPO compensation expense [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to **$64.15 billion** by June 30, 2025, driven by cash for stablecoin holders, with total liabilities at **$61.78 billion** Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$64,153,508** | **$45,834,409** | | Cash and cash equivalents segregated for stablecoin holders | $61,365,920 | $43,918,572 | | **Total Liabilities** | **$61,782,677** | **$44,124,115** | | Deposits from stablecoin holders | $61,101,523 | $43,727,363 | | **Total Stockholders' Equity** | **$2,370,831** | **$570,529** | [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenue was **$658.1 million**, but a **$482.1 million net loss** resulted from **$503.4 million** in compensation expenses, contrasting with Q2 2024's net income Statement of Operations Summary - Three Months Ended June 30 (in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total revenue and reserve income | $658,078 | $430,030 | | Total distribution, transaction and other costs | $406,942 | $248,377 | | Total operating expenses | $576,718 | $131,407 | | *Compensation expenses* | *$503,392* | *$67,604* | | Operating income (loss) | $(325,582) | $50,246 | | **Net income (loss)** | **$(482,100)** | **$32,923** | | Earnings (loss) per share, basic and diluted | $(4.48) | $0.00 | [Quarterly Results of Operations](index=11&type=section&id=Quarterly%20Results%20of%20Operations) Quarterly revenue and reserve income trended upward, reaching **$658 million** in Q2 2025, with RLDC at **$251 million** and a **38% RLDC Margin** Quarterly Revenue and Margin Trend (in millions) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue and Reserve Income | $658 | $579 | $435 | $446 | $430 | | RLDC | $251 | $231 | $131 | $188 | $182 | | RLDC Margin | 38% | 40% | 30% | 42% | 42% | [Non-GAAP Financial Measures and Reconciliations](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Circle uses non-GAAP measures; Q2 2025 Adjusted EBITDA was **$125.8 million**, reconciled from a **$482.1 million net loss** by excluding **$435.0 million** in stock-based compensation [Reconciliation of Adjusted EBITDA to Net Income](index=13&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20to%20Net%20Income) Q2 2025 Adjusted EBITDA was **$125.8 million**, reconciled from a **$482.1 million net loss** by adding back **$435.0 million** in stock-based compensation and **$167.7 million** in fair value changes Q2 2025 Adjusted EBITDA Reconciliation (in thousands) | Line Item | Amount | | :--- | :--- | | Net income (loss) from continuing operations | $(482,100) | | Stock-based compensation expense | $434,966 | | Change in fair value of convertible debt, etc. | $167,724 | | Other adjustments (Depreciation, taxes, etc.) | $5,243 | | **Adjusted EBITDA** | **$125,833** | [Reconciliation of Adjusted Operating Expenses to Operating Expenses](index=14&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Expenses%20to%20Operating%20Expenses) Q2 2025 Adjusted Operating Expenses were **$128.2 million**, derived from **$576.7 million** in GAAP operating expenses by excluding **$435.0 million** in stock-based compensation and other non-cash items Q2 2025 Adjusted Operating Expenses Reconciliation (in thousands) | Line Item | Amount | | :--- | :--- | | Operating expenses | $576,718 | | Less: Stock-based compensation expense | $(434,966) | | Less: Depreciation and amortization expense | $(14,209) | | Less: Digital asset (gains) losses | $693 | | **Adjusted Operating Expenses** | **$128,236** | FY 2025 Forward Outlook Reconciliation for Adjusted Operating Expenses (in millions) | Line Item | Low | High | | :--- | :--- | :--- | | Operating expenses | $1,150 | $1,190 | | Less: Stock-based compensation expense | $(556) | $(571) | | Less: Depreciation and amortization | $(70) | $(80) | | Less: Other adjustments | $(49) | $(49) | | **Adjusted Operating Expenses** | **$475** | **$490** |

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period. Considering buying CRCL stock? Here's what analysts think: Circle Internet Group CRCL will release earnings results for the second quarter before the opening bell on Tuesday, Aug. 12. Analysts expect the New York-based company to report quarterly earnings at 34 cents per share. Circle Internet projects to report quarterly revenue of $644.72 million, according to data from Benzinga Pro. On Aug. 6, Corpay a ...

稳定币发行商Circle(CRCL.US)自6月首次公开募股以来其业务发展迅猛。该公司将于周二首次公布上市 后的季度业绩报告。数据显示，华尔街预计Circle在开盘前发布的第二季度财报将出现亏损。市场普遍 预期其调整后每股亏损0.08美元，营收为6.47亿美元。该股票自其每股31美元的首次公开募股价格以来 已上涨超过400%。这是因为美国有利于加密货币的立法措施推动了该行业的发展。 然而，华尔街的另一些人则认为，这只股票能让投资者参与到人们对稳定币日益高涨的热情之中。 Seaport Research分析师Jeff Cantwell上个月写道："Circle是稳定币领域的全球领军企业，目前在公开市 场上的稳定币业务最为纯粹。我们预计随着该公司为自身及其合作伙伴创造更多机会，其股价还将进一 步上涨。"该分析师对该股票给予"买入"评级，并设定目标价格为280美元。 在美国法案获得通过后，投资者将会关注美元稳定币的流通量以及稳定币的市场份额的变化。该法案为 以美元等资产为支撑的数字代币制定了监管框架和相关规则。 Circle公司的主要收入来源是利息收入——具体来说就是来自为其稳定币(USDC，即USDC对美元的兑 ...

智通财经APP获悉，稳定币发行商Circle(CRCL.US)自 6 月首次公开募股以来其业务发展迅猛。该公司 将于周二首次公布上市后的季度业绩报告。数据显示，华尔街预计 Circle 在开盘前发布的第二季度财报 将出现亏损。市场普遍预期其调整后每股亏损 0.08 美元，营收为 6.47 亿美元。该股票自其每股 31 美元 的首次公开募股价格以来已上涨超过 400%。这是因为美国有利于加密货币的立法措施推动了该行业的 发展。 该公司通过管理稳定币相关储备所获得的收入从 2022 年的 7.359 亿美元增长至 2023 年的 14 亿美元， 再到 2024 年的 17 亿美元。这分别占了 Circle 经常性业务总收入的 95.3%、98.6% 和 99.1%。Circle 还 会将部分收益与 Coinbase(COIN.US)进行分配，后者是其重要的合作伙伴。 上个月，华尔街的分析师们指出，在今年下半年，这家热门公司的业务将面临诸多风险，其中包括分销 成本的上升。 Compass Point分析师Ed Engel写道："在未来几个月里，我们预计 Circle 将扩大其分销网络，并在利息 收入分配中占据更大的 ...