CRCL Stock Analysis: The Most Complete Circle Stock Breakdown on YouTube
$324.6M TO COINBASE CRCLSTOCK Circle and USDC Watch on YouTube, 33:35
The full breakdown runs 33:35. The written version below covers the numbers.
Circle earns interest on the Treasuries and cash behind USDC. Last quarter it paid Coinbase $324.6 million of that, and every number in this breakdown comes from Circle's own SEC filings.
Paid to Coinbase last quarter
Total stablecoin market
Circle's June reserve yield
How Circle makes money
USDC's reserves earn the short-term Treasury rate, and Circle keeps the spread. In June its reserve yield was 3.49% against a 3.99% 3-month T-bill, so every Fed move goes straight to revenue.
Why Coinbase gets half
After the SVB weekend in 2023, when USDC briefly traded at 87 cents, Coinbase's distribution deal grew in value. Today Coinbase keeps about 49 cents of every dollar.
The 4 hits
Tazapay (September 8), the failed CLARITY Act vote, the Binance deal (September 17), and the departure of the CFO and a co-founder (September 25).
The bigger picture
The stablecoin market is about $314 billion, and USDC grew 19% in a year. The video covers what that does to bitcoin, to Treasury demand and to bank deposits.
Why Treasury yields matter to Circle's revenue is in TLT ETF Analysis.
Sources: Circle Internet Group Q2 2026 Form 10-Q and earnings release, 8-K filings of 9/8, 9/17 and 9/25/2026 (SEC EDGAR); US Treasury; Federal Reserve Bank of Kansas City; GENIUS Act. Nothing here is investment advice.