Typical grow first, monetise later. It doesn't appear they have any business model at the moment, just churning VC money and trying to grow. They charge no fees

Typical grow first, monetise later. It doesn't appear they have any business model at the moment, just churning VC money and trying to grow. They charge no fees for deposits, withdrawals, sending or receiving money, and their buy/sell spread is zero, and they're not known to advertise or sell user data nor do their terms mention it. I think it's best to think of it as someone trying to build roads all over the country in a world without cars, hoping to allow a car industry to explode. Once cars become mainstream, you can monetise the roads, sell tires especially made for those roads, offer driving schools etc. Speculating about their future... I think a Coinbase model is quite likely, Circle is known like Coinbase as a 'universal' company. Coinbase charges a bit on deposits, they have an exchange, a vault, an API. It's quite likely at some point we'll see remittance and financial products (peer to peer loans, derivatives), merchant services (payment processing), digital assets on a public ledger (e.g. replacing notary services or contracts with private-key signed documents on a public, unforgeable ledger) etc. There's lots of angles to monetise the facilitation of many products and services.