Circle(纪要):生态网络比商业化更重要

海豚投研
Nov 13, 2025

以下是$Circle(CRCL.US)FY25 Q3 的财报电话会纪要,解读可简单回顾财报火线速读一、财务核心数据回顾1、业绩概况:(1)规模与增长:USDC 流通量 737 亿美元,同比增长 108%;链上交易额 9.6 万亿美元,同比增长 580%。(2)盈利能力:总收入与储备收益 7.4 亿美元,同比增长 66%;调整后 EBITDA:1.66 亿美元,同比增长 78%。利润率达 57%。(...

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