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  "path": "/circles-461m-payout-shows-who-captures-usdc-yield-and-its-not-circle/",
  "publishedAt": "2026-02-26T12:13:01.000Z",
  "site": "https://cryptoslate.com",
  "tags": [
    "Enterprise",
    "Featured",
    "Regulation",
    "Stablecoins",
    "Circle’s $461M payout shows who captures USDC yield — and it’s not Circle",
    "CryptoSlate"
  ],
  "textContent": "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. However, the income statement reveals a different architecture in which the issuer generates yield and immediately bargains most of it away […]\n\nThe post Circle’s $461M payout shows who captures USDC yield — and it’s not Circle appeared first on CryptoSlate.",
  "title": "Circle’s $461M payout shows who captures USDC yield — and it’s not Circle"
}