Coinbase Secures 50 Percent of Circle’s USDC Revenue

Coinbase Receives 50% of Circle’s USDC Reserve Revenue

• Coinbase receives half of the residual revenue from Circle’s USDC reserves.
• Circle reported $1.7 billion in revenue and reserve income in 2024, with a net income of $156 million.
• USDC is the second-largest stablecoin, with a circulation of approximately $60.1 billion.
• Coinbase held about 20% of total USDC in circulation in 2024, up from 5% in 2022.
• Circle plans to list on the New York Stock Exchange under the ticker “CRCL.”

The filing reveals Coinbase’s significant influence on Circle’s revenue through its share of USDC reserves, highlighting a symbiotic relationship between the two companies. Circle aims to expand globally to reduce dependency on Coinbase and compete with Tether (USDT).