USDC’s 72% surge exposed the expensive truth behind Circle’s stablecoin dominance

Circle incurred $1.4 billion in distribution costs connected to Coinbase in 2025, up from $924.5 million the year before, according to the company's own 10-K filing. Those distribution costs equaled roughly 51% of its total 2025 revenue and reserve income. USDC circulation grew 72% year over year to $75.3 billion in the fourth quarter, and [ ]