Circle just announced its Q2 results. Top-line revenue came in at $701M, compared with $694M in Q1, remaining roughly stable. What surprised us was management's updated guidance on RLDC margins. During the quarter, there were numerous analyses highlighting the margin pressure facing Circle, as it has to share yield revenue with distribution partners, including both centralized and decentralized exchanges. Management now expects that distribution costs may not be as significant a headwind as previously anticipated and forecasts faster growth in other income.(BloFin Research)