Circle’s net profit from USDC usage is nearly five times lower than the amount it pays crypto exchange Coinbase for distributing the stablecoin.

Circle Internet Group, the issuer of USDC, filed for an IPO with the U.S. Securities and Exchange Commission (SEC) to list its shares on the New York Stock Exchange under the ticker CRCL. The filing also revealed the company’s financial data.
According to the report, Circle’s revenue grew by 16% in 2024, reaching $1.67 billion, while net profit dropped 41.8% YoY to $155.6 million. At the same time, Circle paid Coinbase approximately $908 million for distributing USDC, making the exchange the primary financial beneficiary of the stablecoin’s circulation. The amount paid to Coinbase significantly exceeds Circle’s net profit for the same period.
In 2023, Circle and Coinbase adjusted their partnership model, with Circle taking full control over USDC management. However, Coinbase acquired a minority stake in Circle, and interest earnings from USDC reserves continue to be shared between both companies.
The filing also reveals that over 99% of Circle’s revenue comes from interest on USDC reserves, highlighting its strong reliance on the stablecoin’s financial stability. Most of Circle’s earnings are reinvested into reserves, including U.S. Treasury bills, BTC holdings worth $6.2 million, SUI worth $5.6 million, and ETH holdings of over $3.3 million.
According to Matthew Sigel, Head of Digital Assets Research at VanEck, Circle’s net profit decline in 2024 was primarily due to increased distribution expenses, rising operating costs, and expenses related to restructuring and legal settlements.
Last year, Circle ceased support for the TRON blockchain to comply with regulatory requirements and became the first licensed stablecoin issuer in the EU under MiCA regulations.