Circle’s $461M payout shows who captures USDC yield — and it’s not Circle

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. source: https://cryptoslate.com/circles-461m-payout-shows-who-captures-usdc-yield-and-its-not-circle/