An interesting paradox I noticed in the latest Circle reports. The USDC circulation has grown by almost three-quarters — reaching $75.3 billion — and this looks like success. The company's revenue is also impressive: $2.7 billion. On paper, everything shines.

But here's what's strange: with these figures, Circle still operates at a loss. The company's accounts hold $76.5 billion in reserves — almost covering the entire USDC circulation. It would seem that with such a safety cushion and increasing traffic, the business should be profitable.

This raises an important question about the stablecoin economy as a whole. Stablecoins are not just digital money. They are infrastructure that requires constant investments in compliance, technology, and legal support. Margins are thin here, and risks are enormous.

Circle is clearly investing in scaling and strengthening its market position. A 72% growth indicates demand. But profitability is a separate issue. The company seems to have chosen a strategy of gaining market share over short-term profit.

For those watching the stablecoin sector, this is an important signal: even giants like Circle find a balance between growth and financial stability. It’s interesting how long such a model can last.