PANews reported on April 2nd that according to Decrypt, the S-1 filing submitted by stablecoin issuer Circle shows that Coinbase, as its core partner, can obtain 50% of the remaining revenue from USDC stablecoin reserves. In the regulatory filing submitted on Tuesday, Circle disclosed that Coinbase can receive 50% of the "remaining payment base", which directly comes from the reserve assets supporting the USDC stablecoin; Coinbase's share is directly linked to the amount of USDC it holds on its exchange. When the USDC hosted on the Coinbase platform increases, its share proportion correspondingly rises; conversely, it decreases. This sharing agreement confirms the long-standing industry perception that Circle and its largest distribution partner Coinbase have a symbiotic relationship.

In 2024, the proportion of USDC held on the Coinbase platform has significantly increased from 5% in 2022 to 20%, demonstrating its growing influence on Circle's revenue. However, the document also warns that this cooperation model makes Circle's income subject to Coinbase's business strategy, which is beyond Circle's control. The company emphasizes that the distribution costs and revenue sharing paid to Coinbase are directly affected by the business strategies and policies of this exchange operator, which Circle can neither control nor supervise.