🪙 The stablecoin war isn't just about market cap anymore... Circle's H1 2026 numbers reveal something interesting: ~$1.4B revenue $819M in distribution and transaction costs ~7% net profit margin Nearly 59 cents of every revenue dollar went to distribution partners and transaction costs. The issuer creates the digital dollar. But exchanges, wallets and fintechs control access to users. The next stablecoin war may be fought over distribution, not technology. $USDC 👀
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