#CircleIPO , the issuer of the USDC stablecoin, has published a preliminary prospectus for its stock market IPO. The figures show attractive revenues of almost $1.7 billion for 2024, but operating income of just $167 million. While Circle isn’t parsimonious in its spending, the massive dent is the monies paid to Coinbase, which previously had a 50% stake in the stablecoin. Circle spent more than a billion in 2024 in distribution costs, most of which went to Coinbase. The biggest concern is whether this might constrain future opportunities