Recent IPO documents from Circle have unveiled critical insights about the company’s financials, specifically its dependence on Coinbase for the distribution of the USDC stablecoin. The filing indicates that more than 50% of Circle’s revenue in 2024 was allocated to payments made to Coinbase. As the landscape of cryptocurrency continues to shift, Circle’s reliance on a single exchange raises important questions regarding sustainability and potential risks associated with such market dynamics. Investors and stakeholders will be watching closely to understand how these financial dependencies will shape Circle’s future strategies in the evolving crypto market.