Every product, every comparison, every integration โ diagrammed
Part 1
What Circle Builds
Five products. Only one makes real money today. The others are bets on where the business is going.
๐ช
USDC โ The Digital Dollar
The core product ยท ~95% of revenue
USDC: You get a digital dollar. Circle earns interest on the real dollar. You redeem anytime, 1:1.
$75.3BIn circulation
$11.9TQ4 volume
+72%YoY growth
95.5%Rev from interest
๐
Circle Payments Network (CPN)
Cross-border payment rail ยท "SWIFT for stablecoins"
CPN: 2 hops + blockchain. SWIFT: 4+ hops + days of waiting.
55FIs enrolled
$5.7BAnnualized TPV
74In review
โ๏ธ
Arc โ Circle's Own Blockchain
Layer-1 blockchain ยท "The Economic OS" ยท Pre-revenue
Arc fixes every problem banks have with existing blockchains. Testnet live, mainnet 2026. Visa is testing it.
100+Testnet participants
166M+Test transactions
0.5sFinality
2026Mainnet target
โข โข โข
Part 2
What Circle's Products Replace
The old way vs. the new way โ with honest gaps noted.
Visa Settlement: Old vs. New
Stripe Checkout: USDC as a Payment Method
Remittance: Western Union vs. Stablecoin
Dollar Access: Argentina Example
โข โข โข
Part 3
How Institutions Are Integrating USDC
Each one uses USDC differently. Here's the actual flow for each.
๐ณ Visa โ Settlement Asset Substitution
Consumer doesn't know. Only the settlement step changed (Fedwire โ USDC on Solana). 24/7, seconds.
๐ Stripe โ Consumer Checkout Payment
Consumer-facing. Chooses USDC at checkout. Merchant gets USD. Bridge/USDB is the competitive wrinkle.
๐ฆ Coinbase โ Distribution Partner (50-56% rev share)
Coinbase is the #1 distribution channel but takes more than half the interest. Circle's biggest cost โ and biggest dependency.
๐งพ Intuit โ SMB Platform Integration
๐ฐ Polymarket โ Settlement & Collateral
๐ Airtm / LatAm โ Dollar Savings in Inflation Countries
Not speculation โ savings protection. People in inflation countries use USDC because they can't access real dollars.
Three ways institutions use USDC
1. As settlement infrastructure (Visa, Zodia/StanChart) โ invisible to end users, replaces wire transfers 2. As a payment method (Stripe, Polymarket) โ consumer-facing, alternative to cards 3. As a dollar substitute (Airtm, Argentina, Bermuda) โ replacing actual dollars where they're scarce
For Allaire: Which of these three vectors is growing fastest? Which has the most TAM? And how does each affect USDC circulation growth if interest rates come down?