Circle’s $461M payout shows who captures USDC yield — and it’s not Circle
Circle’s fourth quarter earnings inform a narrative the corporate would like traders perceive via the lens of progress: USDC circulation climbed 72% year-over-year to $75.3 billion, reserve revenue surged 69%, and adjusted EBITDA quintupled. However, the revenue assertion reveals a unique structure by which the issuer generates yield and instantly bargains most of it away…
