Circle is the issuer of USDC, the second-largest stablecoin in the world, with ~$75B in circulation. USDC is a U.S. dollar-backed digital currency that runs on 30+ public blockchains, enabling near-instant, low-cost, 24/7 settlement. Circle also issues EURC, a smaller euro-denominated stablecoin. Circle's customers include crypto exchanges, DeFi protocols, banks, payment service providers, fintechs, and enterprise developers — Circle does not serve end consumers directly, but rather provides the infrastructure other companies build on. Circle's revenue is primarily reserve income: when a customer mints USDC, Circle receives cash, invests it in short-term U.S. Treasuries and cash equivalents, and earns interest on that reserve. The key drivers are USDC in circulation and short-term interest rates. A significant share of reserve income is paid out to distribution partners, most notably Coinbase, in exchange for promoting USDC on their platforms. Beyond reserve income, Circle is building transaction- and subscription-based revenue through products like CCTP (a cross-chain transfer protocol that handles over 50% of all cross-chain bridge volume), Circle Payments Network (a multi-sided network for cross-border payments), and blockchain network partnership fees. Circle is also developing Arc, a proprietary Layer-1 blockchain purpose-built for stablecoin finance, with mainnet expected in 2026. Longer-term, Circle sees AI agent payments as a potential demand driver for USDC, positioning the stablecoin as the preferred medium of exchange for autonomous machine-to-machine transactions.