CRCL 25Q3
USDC流通量YOY+108%,同期稳定币大盘+61%USDT+46%,这个数据很好看;
收入YOY+66%,增幅不及USDC流通量,原因是利率下行+分销成本上升
分销成本YOY+74%,增幅超过收入增幅,意味着USDC流通量的增长有相当部分是靠让渡储备金
Q3分销成本63%创新高,跟之前判断一致

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