Circle’s $461M payout shows who captures USDC yield — and it’s not Circle
#Enterprise Featured Regulation Stablecoins
Circle's fourth quarter earnings tell a story the company would prefer investors understand through the lens of growth: USDC circulation climbed 72% year-over-year to $75.3 billion, reserve income surged 69%, and adjusted EBITDA quintupled. However, the income statement reveals a different architecture in which the issuer generates yield and immediately bargains most of it away […] The post Circle’s $461M payout shows who captures USDC yield — and it’s not Circle appeared first on CryptoSlate .
Stablecoins ▸ Neutral Circle’s $461M payout shows who captures USDC yield — and it’s not Circle USDC scaled to $75. 3B, but gatekeepers captured 63% of the yield, turning growth into a pay to play bargain. Gino Matos • Feb. 26, 2026 • 6 min read Gino Matos Reporter • CryptoSlate Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi). @pelicamatos Editor Liam 'Akiba' Wright Editor-in-Chief Share Circle's fourth quarter earnings tell a story the company would prefer investors understand through the lens of growth: USDC circulation climbed 72% year-over-year to $75. 3 billion, reserve income surged 69%, and adjusted EBITDA quintupled. However, the income statement reveals a different architecture in which the issuer generates yield and immediately bargains most of it away to the platforms that control access to users.
