Circle has recently revealed fascinating insights during its IPO process, demonstrating its earnings structure regarding USD Coin (USDC). Surprisingly, it turns out that Coinbase earns more from USDC than Circle does itself. In fact, Circle reported that its largest expenditure for 2024 was an astounding $908 million allocated to Coinbase for the distribution of USDC. Such revelations highlight the intricate relationships within the cryptocurrency sector, particularly between issuers and exchanges. As more companies turn to digital currencies, understanding these financial alliances becomes increasingly essential for investors and stakeholders alike. Watch this space for further updates as the market continues to evolve.