Behind the Stablecoin Curtain: Coinbase’s Surprising Stake in Circle’s USDC Revenue
Coinbase and Circle share a strategic alliance, with Coinbase receiving half the residual revenue from USDC reserves. Circle’s primary revenue is generated from USDC-backed reserves in U.S. Treasury securities and cash equivalents, projecting $1.7 billion in 2024. The more USDC held by
