大跌6%！IPO后首次电话会，Circle聚焦“盈利模式”：赚钱方式有两种，目标是“赢者通吃”(附电话会议实录）

Core Insights - Circle's primary revenue sources are reserve income from holding cash-equivalent assets and monetizing transaction processes and network infrastructure, with the latter expected to grow significantly as network adoption increases [4][33]. - The company plans to launch Arc, a proprietary blockchain designed for stablecoin financial applications, which will use USDC as the native asset for transaction fees [3][7][27]. - Circle's competitive advantage lies in its scalable model and inherent operational leverage, supported by a strong liquidity infrastructure and significant network effects in the stablecoin market [6][25][31]. Financial Performance - Circle reported a 53% year-over-year increase in total revenue and reserve income, reaching $658 million, driven by a substantial rise in USDC circulation [3][34]. - The company experienced a 5.4-fold increase in USDC on-chain transaction volume, indicating robust growth in its stablecoin network [34]. - Other revenue sources grew to $24 million, primarily from subscription and service income related to blockchain partnerships, reflecting a 3.5-fold increase [35]. Market Position and Strategy - The stablecoin market is characterized as a "winner-takes-all" environment, with Circle benefiting from deep liquidity infrastructure and a strong competitive moat [6][25]. - The passage of the GENIUS Act is seen as a catalyst for mainstream financial institutions to accelerate the adoption of stablecoin technology [10][25]. - Circle's cautious acquisition strategy focuses on organic growth and small strategic acquisitions rather than large, complex mergers [12][13][56]. Product Development and Partnerships - The upcoming Arc blockchain aims to support various financial applications, including payments and capital markets, and will provide a low-cost, predictable fee structure [27][28]. - Circle has expanded partnerships with major financial institutions and payment providers, enhancing USDC's utility and integration into various payment networks [11][30]. - The company is actively developing its Circle Payment Network (CPN) to facilitate international fund transfers and other payment types, with significant interest from financial institutions [26][49]. Future Outlook - Circle anticipates a compound annual growth rate of 40% for USDC over the coming years, with other revenue expected to range between $75 million and $85 million in 2025 [36]. - The company is focused on expanding its platform capabilities and partnerships to drive long-term growth and profitability [36].