Circle paid Coinbase about $908 million in distribution and revenue sharing in 2024 alone, roughly 54% of Circle's total revenue that year.
Circle ruled out a near-term dividend, saying it would rather reinvest cash into growth areas like stablecoin infrastructure for AI agents.
Circle says it has more than 150 partners with incentives to distribute USDC, so it isn't solely dependent on Coinbase.
The renewal came days after Coinbase joined the Open USD consortium, a rival stablecoin distribution effort.
Whether USDC's volume lead over Tether keeps growing fast enough to offset the size of Coinbase's cut.
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