Just finished reading Circle's Q2 financial report and noticed that CRCL's reliance on U.S. Treasury interest income hasn’t decreased—in fact, it’s gone up. Q2 reserve income was $668 million, accounting for about 95% of total revenue. In Q1, reserve income made up roughly 94%. Other income dropped from $42 million to $34 million, with its share of total revenue falling from around 6% to less than 5%. So, even though Circle keeps emphasizing payment networks, enterprise services, Arc, and AI-powered payment agents, these businesses still haven’t reached a significant revenue scale. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading platform.