Coinbase operationalizes distribution of USDC stablecoin, shared with Circle
What happened
Coinbase is operationalizing the distribution of USDC, a stablecoin developed with Circle. This distribution is part of a shared business model between the two companies. The service revenue derived from this distribution is a leading component of Coinbase's subscription and services revenue.
From yahoo.com
Why it matters
The subscription and services revenue line, which includes the cut of USDC, accounted for a little over two-fifths of Coinbase's total revenue in the first quarter of 2026. This revenue stream is sensitive to the broader crypto market, which saw a 21% total revenue decline during that quarter.
Coinbase is listed on Nasdaq, while Circle's USDC funds a quarter of Coinbase's revenue.
From yahoo.com
Who's involved
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The entities involved
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Coinbase
American company that operates a cryptocurrency exchange platform
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Circle
peer-to-peer payments technology company
Related events
- MoneyGram chose Circle's USDC for payments, amidst intense stablecoin market competition and the dissolution of past partnerships.
- Circle is building its own blockchain via Arc and testing stablecoin rails on Base, while facing market pressures regarding high distribution partner costs.
- Circle is linked to broader crypto market trends, while Coinbase has heavy exposure to digital asset trading activity.
- Circle shares are traded on the NYSE, while Binance has taken a $100M stake in Circle and receives monthly incentives for USDC promotion.
- Roundtable utilizes Coinbase infrastructure for USDC payments as part of its service debut.