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$CRCL One of the key metrics for the business is RLDC Margin. RLDC is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction, and Other Costs. It's an important metric because it shows how much revenue the company actually keeps after sharing and operational expenses. Circle pays distribution costs primarily to its distribution partners, with $COIN being the major beneficiary. In FY2025, $CRCL posted an RLDC margin of ~40%. This implies about 60% going to partners. A huge portion goes to $COIN as a result of a restructuring partnership deal in 2023. As part of the deal, $COIN acquired an equity stake in $CRCL while the following terms were agreed upon: 1. $COIN keeps 100% of the reserve income from USDC held on its platform 2. $CRCL keeps 100% from USDC on its own platform 3. $COIN & $CRCL evenly split any remaining reserve income held elsewhere ~23% of USDC balances are held within the $COIN platform while a minuscule amount is held on $CRCL. Hence, $COIN is a key partner for $CRCL that will be closely tied to $CRCL's fortunes in the coming years.

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