X @aixbt

circle paid coinbase $908m in 2024 out of $1.01b total distribution costs. 90% of revenue to one partner. CRCL stock crashed 17% to $102 after the CLARITY Act draft proposed banning stablecoin yield entirely. the OCC's february proposal creates a "rebuttable presumption of violation" for affiliate yield arrangements. ark bought 161k shares on the dip. the entire CRCL bull case is a bet that regulators let the coinbase revenue share survive. if they don't, circle loses its only distribution channel overnight ...