For USDC held anywhere else — other exchanges, wallets, DeFi — Coinbase still takes 50% of the reserve interest earned.
Coinbase held about 30% of total USDC circulation on its platform at the end of the most recent quarter.
That revenue split cost Circle roughly $908 million in payments to Coinbase in 2024, over half of Circle's total revenue.
Coinbase remains USDC's largest single distribution channel, making the liquidity it brings hard for Circle to walk away from.
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