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Circle's Q2 numbers put a price on distribution. Reserve income came in at $668M for the quarter. Distribution, transaction and other costs came in at $412M, about 62 cents going out against every reserve dollar coming in. That spend is what keeps USDC on exchanges, in wallets, and inside partner apps. Issuing a stablecoin is straightforward. Getting a hundred platforms to carry yours is the part that costs real money#XiaomiEarningsWatch #30YYieldHits2007High #SanDiskLongTermDeals $BTC