**[Circle Q4 Financial Report Reveals Stablecoin Revenue Distribution Structure]** Circle's Q4 financial report shows that USDC circulation increased by 72% year-over-year to $75.3 billion, with reserve earnings reaching $733.4 million. However, $460.6 million of this amount was allocated to distribution channels such as exchanges and wallets, accounting for 63% of reserve earnings. Circle's net reserve profit margin stands at 37%, meaning that for every $1 of reserve earnings, Circle retains approximately $0.37. Distribution costs are sticky, and as interest rates decline, issuer profit margins may face further pressure. The report highlights the bargaining power of distributors in the stablecoin market and their impact on revenue distribution.