Circle-Coinbase Partnership in Focus as USDC Drives Revenue Surge

As Circle Internet (NYSE:CRCL) gains attention following its recent public listing, investors are increasingly scrutinizing its deep-rooted partnership with Coinbase (NASDAQ:COIN)—a collaboration that has positioned USDC as a cornerstone in the stablecoin ecosystem.

A Strategic Partnership Powering Stablecoin Growth

Founded jointly by Circle and Coinbase, USDC has evolved into a key revenue driver for both firms. According to Bernstein, Coinbase's stablecoin revenue surged nearly 51% in Q1, with USDC's market cap reaching record highs.

Under the current revenue-sharing agreement, the structure is as follows:

• 100% of interest income from USDC held on Coinbase's platform goes to Coinbase.

• 50:50 split of interest income from USDC held off-platform (other exchanges, DeFi platforms, etc.).

This agreement is renewed every three years, with the next review due in 2026. While some speculate about potential renegotiation, Bernstein analysts believe the relationship is foundational rather than transactional:

“Coinbase's distribution and reach were critical in bootstrapping USDC liquidity—an edge that Circle will continue to leverage.”

Coinbase's Dominance in U.S. Crypto Markets

Coinbase remains the largest crypto exchange for retail and institutional investors in the U.S., holding a 67% market share. This dominance is crucial for the continued adoption and utility of USDC, particularly as the GENIUS Act and CLARITY Act are expected to drive stablecoin innovation onshore.

The upcoming launch of Coinbase's perpetual futures platform on July 21, which will use USDC as principal collateral, further deepens the stablecoin's role in core trading products.

Stablecoin Metrics and Market Tracking

To better understand USDC's expanding footprint and investor sentiment around stablecoins, the following API provides comprehensive data:

🔹 Cryptocurrency Daily API
Use this to monitor USDC's daily price, market cap, trading volume, and other performance metrics.

For broader insight into how stablecoin-based activity correlates with Coinbase's performance:

🔹 Crypto News API
Stay updated with real-time news, announcements, and institutional commentary on USDC, Circle, and Coinbase.

Outlook: A Mutually Reinforcing Dynamic

As Circle scales its infrastructure and Coinbase deepens its derivatives offerings, USDC stands at the intersection of regulatory readiness, institutional finance, and decentralized applications.

With policy shifts and regulatory clarity expected soon, the Circle-Coinbase synergy is likely to strengthen—paving the way for further innovation in the U.S. stablecoin landscape.