USDC Roars, Yet Revenue Is a One-Trick Pony Last night, USDC issuer Circle dropped its Q2 report—its first since going public. The numbers give Wall Street its first clean look at whether the “stable-coin blue chip” can walk the talk. Three themes leap off the page: break-neck growth, lopsided economics, and a looming pivot. Core Metrics: Supply and Velocity Both on Fire • Supply & Share – USDC in circulation hit $61.3 B at quarter-end, up 90 % year-on-year and 49 % since January. By 10 Augus...

USDC Roars, Yet Revenue Is a One-Trick Pony Last night, USDC issuer Circle dropped its Q2 report—its first since going public. The numbers give Wall Street its first clean look at whether the “stable-coin blue chip” can walk the talk. Three themes leap off the page: break-neck growth, lopsided economics, and a looming pivot. Core Metrics: Supply and Velocity Both on Fire • Supply & Share – USDC in circulation hit $61.3 B at quarter-end, up 90 % year-on-year and 49 % since January. By 10 Augus...