// definition
RLDC
Circle revenue less distribution costs
Short definition
An intermediate measure defined by Circle: reserve income plus other revenue, less distribution, transaction and other associated costs. It is measured before operating expenses, within the published reporting scope and period. Operating income and net income include additional items.
risk atlas
Knowledge map
Related analyses
- Stablecoins: sharing reserve incomeCircle, Coinbase, holder rights and reward conditions.
Primary sources
- Circle / SEC, June 30, 2026 Form 10-QStatements and discussion of reserve income, distribution costs and the RLDC measure.
- Circle, USDC Terms outside the EEAOctober 15, 2026 version, section 2: redemption rights and holders’ lack of entitlement to reserve interest.