Share this article
USDC Is Only Circle’s Second-Biggest Business, SPAC Filing Shows
“Transaction and treasury services,” with clients including Dapper Labs, Compound Labs and FTX, is the soon-to-be-public company’s top revenue source.
By Brady Dale
Updated May 9, 2023, 3:21 a.m. Published Jul 8, 2021, 6:12 p.m.
Most of the conversation about Circle revolves around USD coin (USDC), the stablecoin it created in collaboration with Coinbase.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
But according to an investor presentation released with Thursday's announcement that Circle would go public using a special purpose acquisition company (SPAC), the company has three lines of business, all generating growing revenue. Of those, USDC is only the second-biggest contributor to the top line.
Circle has been a mainstay of the more corporate and institutionally focused side of the cryptocurrency industry. Started by Jeremy Allaire and Sean Neville as a peer-to-peer payments company that once had a strong bitcoin orientation, it has evolved into an infrastructure company supporting much of the blockchain industry, and that infrastructure work appears to be its strongest area for revenue growth.
The Boston-based firm generates income in three ways: from transaction fees on USDC and interest earned on its reserves; transaction and treasury services (TTS); and SeedInvest, the equity crowdfunding platform it purchased in 2019.
Its transaction and treasury services are probably the least understood and least detailed part of its offerings. "Circle Accounts and API services provide companies with a comprehensive suite of payments and treasury services,” the investor presentation says.
The presentation lists Dapper Labs, Compound Labs and FTX among the TTS business’ clients.
The slide deck does not give prior-year results, but it estimates that Circle will generate $115 million in revenue in 2021, but end the year with a $76 million loss.
Of those revenues, it expects $40 million to come from USDC, $65 million to come from TTS and $10 million from SeedInvest.
The company also projects $76 million in earnings before interest, taxes, depreciation and amortization (EBITDA) on $886 million in total revenue across the three business segments by 2023. Of that, it expects TTS to be by far the largest line of business.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
