Circle’s IPO Reveals Dependency on Coinbase, High Distribution Costs

Circle’s upcoming Initial Public Offering (IPO) has shed light on the company’s financial dynamics, particularly its reliance on Coinbase for USDC stablecoin distribution. The S-1 filing reveals that over 50% of Circle’s 2024 revenue will go towards the exchange, highlighting a significant dependency relationship. 2024’s total revenue is estimated at $1.67 billion, marking a substantial increase from the previous years.