Circle Ensures USDC Maintains Core Status in Coinbase Ecosystem, Three-Year Revenue Share Agreement Renewed

BlockBeats News, August 5th, the issuer of USDC, Circle's founder and CEO Jeremy Allaire stated during tonight's earnings call: "We have renewed our agreement with Coinbase on the existing terms, ensuring that USDC will continue to play a central role across Coinbase's product suite. We also look forward to reaching distribution agreements with strategic partners that align with our vision to further expand our USDC network."

On August 18, 2023, Circle and Coinbase signed a "Collaboration Agreement." As the sole issuer of USDC, Circle will share interest income generated from USDC reserves with Coinbase: Coinbase will receive 100% of the reserve interest generated by USDC held on its platform, and 50% of the remaining reserve interest generated by USDC held off-platform. The initial term of the agreement is three years with an auto-renewal mechanism.

According to BIT Market Data, the US stock CRCL fell 2.8% intraday to $61.5.