Circle是600億美元的$ USDC Stablecoin背後的公司，已為即將舉行的IPO提交了初步招股說明書。

該文件顯示，令人印象深刻的2024年收入近17億美元，但相對適量的營業收入為1.67億美元。

As Circle (NYSE:NYSE:CRW) prepares for its IPO, a closer look at the company's 2024 financials reveals a unique set of priorities. Having previously announced a revenue total of nearly $1.7 billion and operating income of $167 million, the company's new filing provides further insights.

隨著Circle（NYSE：NYSE：CRW）為IPO做準備，仔細研究了該公司的2024年財務狀況，揭示了一系列獨特的優先事項。該公司的新文件此前宣布了近17億美元的收入和1.67億美元的營業收入，因此提供了進一步的見解。

With reported spending of over $1 billion, largely on distribution and largely driven by its arrangement with Coinbase (NASDAQ:COIN) (formerly holding a 50% stake in USDC), Circle's spending is far from minimal. However, a major factor impacting profits is the costly deal with Coinbase, which also saw the exchange's stake in USDC grow from 5% in 2022 to 20% in 2024.

據報導，由於其與Coinbase（NASDAQ：COIN）的安排（以前持有USDC持有50％的股份）的分銷支出超過10億美元，並且在很大程度上是由其與Coinbase的安排驅動的，因此Circle的支出遠非最小。但是，影響利潤的主要因素是與Coinbase的昂貴交易，該公司還看到該交易所在USDC中的股份從2022年的5％增長到2024年的20％。

This drove up Circle's distribution costs. Though newer stablecoins like Global Dollar and M are distributing revenue to partners, Circle's hands are tied by the Coinbase deal for the initial six-year term.

這推動了Circle的分銷成本。儘管諸如Global Dollar和M之類的新穩定幣正在向合作夥伴分發收入，但Circle的手在最初的六年期限的Coinbase交易中並列。

The filing also highlights the company's new partnership with Binance, announced in late 2024. As reported by BitKE, this partnership saw a significant upfront cost with a $74.1 million increase in "other distribution incentive costs" attributed in part to the new arrangement with Binance to make USDC more extensively available across their full suite of products and services.

該文件還重點介紹了該公司與Binance的新合作夥伴關係，該公司於2024年底宣布。據Bitke報導，該合作夥伴關係的前期成本很高，其中的“其他分銷激勵成本”增加了7410萬美元，部分歸因於新的安排，並與binance一起提供了USDC在產品和服務的全部產品中更廣泛地提供。

Despite competition heating up, USDC remains the top regulated stablecoin, presenting ample avenues for growth.

儘管競爭激增，但USDC仍然是受監管的最受監管的Stablecoin，呈現出充足的增長途徑。

Unpacking The Coinbase Link

解開Coinbase鏈接

While the prospectus doesn't fully divulge every detail, it does share key aspects of the Coinbase deal, though deciphering it requires effort. Circle paid $209.9 million in stock – about 8.4 million shares – to acquire Coinbase's stake in Centre. The subsequent revenue-sharing agreement is multifaceted.

儘管招股說明書沒有完全洩露所有細節，但它確實共享了共同交易的關鍵方面，儘管它需要努力。 Circle支付了2.099億美元的股票（約840萬股），以收購Coinbase在中心的股份。隨後的收入共享協議是多方面的。

Circle takes a small initial cut to cover crucial operating costs. Afterward, revenues are split based on the $USDC held in custodial wallets by each company. Beyond that, Coinbase receives 50% of revenues from $USDC held in third-party wallets.

Circle進行了少量的初始削減，以支付關鍵的運營成本。之後，根據每個公司在託管錢包中持有的$ USDC分配收入。除此之外，Coinbase還從第三方錢包中持有的$ USDC獲得了50％的收入。

This drove up Circle's distribution costs. Though newer stablecoins like Global Dollar and M are distributing revenue to partners, Circle's hands are tied by the Coinbase deal for the initial six-year term. The filing also highlights the company's new partnership with Binance, announced in late 2024.

這推動了Circle的分銷成本。儘管諸如Global Dollar和M之類的新穩定幣正在向合作夥伴分發收入，但Circle的手在最初的六年期限的Coinbase交易中並列。該文件還強調了該公司在2024年底宣布的與Binance的新合作夥伴關係。

As reported by BitKE, this partnership saw a significant upfront cost with a $74.1 million increase in "other distribution incentive costs" attributed in part to the new arrangement with Binance to make USDC more extensively available across their full suite of products and services.

正如Bitke所報導的那樣，這種合作夥伴關係的前期成本很高，“其他分銷激勵成本”增加了7410萬美元，部分歸因於新安排，並藉助於binance，以使USDC在其全套產品和服務中更廣泛地提供。

Despite competition heating up, USDC remains the top regulated stablecoin, presenting ample avenues for growth.

儘管競爭激增，但USDC仍然是受監管的最受監管的Stablecoin，呈現出充足的增長途徑。

Unpacking The Coinbase Link

解開Coinbase鏈接

While the prospectus doesn't fully divulge every detail, it does share key aspects of the Coinbase deal, though deciphering it requires effort. Circle paid $209.9 million in stock – about 8.4 million shares – to acquire Coinbase's stake in Centre. The subsequent revenue-sharing agreement is multifaceted.

儘管招股說明書沒有完全洩露所有細節，但它確實共享了共同交易的關鍵方面，儘管它需要努力。 Circle支付了2.099億美元的股票（約840萬股），以收購Coinbase在中心的股份。隨後的收入共享協議是多方面的。

Circle takes a small initial cut to cover crucial operating costs. Afterward, revenues are split based on the $USDC held in custodial wallets by each company. Beyond that, Coinbase receives 50% of revenues from $USDC held in third-party wallets.

Circle進行了少量的初始削減，以支付關鍵的運營成本。之後，根據每個公司在託管錢包中持有的$ USDC分配收入。除此之外，Coinbase還從第三方錢包中持有的$ USDC獲得了50％的收入。

This drove up Circle's distribution costs. Though newer stablecoins like Global Dollar and M are distributing revenue to partners, Circle's hands are tied by the Coinbase deal for the initial six-year term. The filing also highlights the company's new partnership with Binance, announced in late 2024.

這推動了Circle的分銷成本。儘管諸如Global Dollar和M之類的新穩定幣正在向合作夥伴分發收入，但Circle的手在最初的六年期限的Coinbase交易中並列。該文件還強調了該公司在2024年底宣布的與Binance的新合作夥伴關係。

As reported by BitKE, this partnership saw a significant upfront cost with a $74.1 million increase in "other distribution incentive costs" attributed in part to the new arrangement with Binance to make USDC more extensively available across their full suite of products and services.

正如Bitke所報導的那樣，這種合作夥伴關係的前期成本很高，“其他分銷激勵成本”增加了7410萬美元，部分歸因於新安排，並藉助於binance，以使USDC在其全套產品和服務中更廣泛地提供。

Despite competition heating up, USDC remains the top regulated stablecoin, presenting ample avenues for growth.

儘管競爭激增，但USDC仍然是受監管的最受監管的Stablecoin，呈現出充足的增長途徑。

Now, examining the figures closely:

現在，仔細檢查數字：

Coinbase's share of USDC grew from 5% in 2022 to 20% in 2024, a factor that may continue to inflate Circle's distribution costs.

Coinbase在USDC中的份額從2022年的5％增長到2024年的20％，這一因素可能會繼續膨脹Circle的分銷成本。

Earlier reports indicated that newer stablecoins like Global Dollar and M are distributing revenue to partners. However, Circle's agreement with Coinbase, signed in 2023, initially spans three years with an option for another three. It's unclear if the agreement continues rolling afterward.

較早的報告表明，諸如全球美元和M之類的新穩定幣正在向合作夥伴分發收入。但是，Circle與Coinbase的同意於2023年簽署，最初跨越了三年，可以選擇另外三年。目前尚不清楚該協議之後是否繼續滾動。

The filing mentions termination clauses, but Coinbase can only terminate if deciding to launch a competing stablecoin.

該文件提到了終止條款，但是Coinbase只有決定推出競爭性的Stablecoin時才能終止。

Considering the agreement began in 2023, and assuming a standard calendar year, it appears this arrangement will largely conclude by 2026.

考慮到該協議始於2023年，並假設是標準的日曆年，似乎到2026年將在很大程度上結束。

After that, the two companies will need to renegotiate their

之後，兩家公司將需要重新談判他們的