Circle是600亿美元的$ USDC Stablecoin背后的公司，已为即将举行的IPO提交了初步招股说明书。

该文件显示，令人印象深刻的2024年收入近17亿美元，但相对适量的营业收入为1.67亿美元。

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.

随着Circle（NYSE：NYSE：CRW）为IPO做准备，仔细研究了该公司的2024年财务状况，揭示了一系列独特的优先事项。该公司的新文件此前宣布了近17亿美元的收入和1.67亿美元的营业收入，因此提供了进一步的见解。

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.

据报道，由于其与Coinbase（NASDAQ：COIN）的安排（以前持有USDC持有50％的股份）的分销支出超过10亿美元，并且在很大程度上是由其与Coinbase的安排驱动的，因此Circle的支出远非最小。但是，影响利润的主要因素是与Coinbase的昂贵交易，该公司还看到该交易所在USDC中的股份从2022年的5％增长到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.

这推动了Circle的分销成本。尽管诸如Global Dollar和M之类的新稳定币正在向合作伙伴分发收入，但Circle的手在最初的六年期限的Coinbase交易中并列。

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.

该文件还重点介绍了该公司与Binance的新合作伙伴关系，该公司于2024年底宣布。据Bitke报道，该合作伙伴关系的前期成本很高，其中的“其他分销激励成本”增加了7410万美元，部分归因于新的安排，并与binance一起提供了USDC在产品和服务的全部产品中更广泛地提供。

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

尽管竞争激增，但USDC仍然是受监管的最受监管的Stablecoin，呈现出充足的增长途径。

Unpacking The Coinbase Link

解开Coinbase链接

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.

尽管招股说明书没有完全泄露所有细节，但它确实共享了共同交易的关键方面，尽管它需要努力。 Circle支付了2.099亿美元的股票（约840万股），以收购Coinbase在中心的股份。随后的收入共享协议是多方面的。

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进行了少量的初始削减，以支付关键的运营成本。之后，根据每个公司在托管钱包中持有的$ USDC分配收入。除此之外，Coinbase还从第三方钱包中持有的$ USDC获得了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.

这推动了Circle的分销成本。尽管诸如Global Dollar和M之类的新稳定币正在向合作伙伴分发收入，但Circle的手在最初的六年期限的Coinbase交易中并列。该文件还强调了该公司在2024年底宣布的与Binance的新合作伙伴关系。

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所报道的那样，这种合作伙伴关系的前期成本很高，“其他分销激励成本”增加了7410万美元，部分归因于新安排，并借助于binance，以使USDC在其全套产品和服务中更广泛地提供。

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

尽管竞争激增，但USDC仍然是受监管的最受监管的Stablecoin，呈现出充足的增长途径。

Unpacking The Coinbase Link

解开Coinbase链接

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.

尽管招股说明书没有完全泄露所有细节，但它确实共享了共同交易的关键方面，尽管它需要努力。 Circle支付了2.099亿美元的股票（约840万股），以收购Coinbase在中心的股份。随后的收入共享协议是多方面的。

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进行了少量的初始削减，以支付关键的运营成本。之后，根据每个公司在托管钱包中持有的$ USDC分配收入。除此之外，Coinbase还从第三方钱包中持有的$ USDC获得了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.

这推动了Circle的分销成本。尽管诸如Global Dollar和M之类的新稳定币正在向合作伙伴分发收入，但Circle的手在最初的六年期限的Coinbase交易中并列。该文件还强调了该公司在2024年底宣布的与Binance的新合作伙伴关系。

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所报道的那样，这种合作伙伴关系的前期成本很高，“其他分销激励成本”增加了7410万美元，部分归因于新安排，并借助于binance，以使USDC在其全套产品和服务中更广泛地提供。

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

尽管竞争激增，但USDC仍然是受监管的最受监管的Stablecoin，呈现出充足的增长途径。

Now, examining the figures closely:

现在，仔细检查数字：

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中的份额从2022年的5％增长到2024年的20％，这一因素可能会继续膨胀Circle的分销成本。

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.

较早的报告表明，诸如全球美元和M之类的新稳定币正在向合作伙伴分发收入。但是，Circle与Coinbase的同意于2023年签署，最初跨越了三年，可以选择另外三年。目前尚不清楚该协议之后是否继续滚动。

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

该文件提到了终止条款，但是Coinbase只有决定推出竞争性的Stablecoin时才能终止。

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

考虑到该协议始于2023年，并假设是标准的日历年，似乎到2026年将在很大程度上结束。

After that, the two companies will need to renegotiate their

之后，两家公司将需要重新谈判他们的