USDC Grew as Its Yield Fell
Matched full-year and first-quarter comparisons: average circulation, reserve return rate, and Circle revenue. A larger reserve base lifted Circle's total revenue and reserve income even as the reserve return rate fell. It shows how balance-sheet scale can outweigh a falling return rate.
What does it show?
A larger reserve base lifted Circle's total revenue and reserve income even as the reserve return rate fell.
Methodology
Compare Circle's reported average USDC in circulation, reserve return rate, and combined total revenue and reserve income for two full-year periods and the two latest comparable first quarters. Full years and quarters must be displayed as separate comparison pairs rather than one continuous series. Total revenue and reserve income includes non-reserve revenue and is not a pure reserve-income measure. This describes Circle's issuer economics, not holder returns. What this isn't: Total revenue and reserve income includes non-reserve revenue; this describes Circle's issuer economics, not holder returns.