# Unpacking Circle's IPO Filing and USDC’s On-Chain Footprint

<https://coinmetrics.substack.com/p/state-of-the-network-issue-307>

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## What Jamie wrote

I use and hold USDC regularly to pay for things with crypto. Circle, the company that backs USDC, filed an S1 to go public and this article breaks down the business. 

> For every dollar of USDC issued, Circle invests the backing reserves in a portfolio of highly liquid, low-risk assets such as short-dated U.S. Treasuries and cash deposits. This structure allows Circle to generate yield on reserves while ensuring liquidity and redemption stability for USDC holders. In its filing, Circle revealed that it earned a reserve income of $1.6B in 2024. This represents 99% of its total revenues, suggesting a highly concentrated revenue mix tied to interest-rates.

To me this seems like a good, and boring, business. If they can manage to just do that it would be wonderful and provide a great utility.

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## Elsewhere

- Wayback Machine: https://web.archive.org/web/*/https://coinmetrics.substack.com/p/state-of-the-network-issue-307