JPMorgan Chase: Coinbase received approximately $300 million in distribution fees from Circle in the first quarter

On July 29, JPMorgan Chase released a report indicating that the collaboration between Coinbase and Circle, along with investments in Circle's stablecoin USDC, is generating significant financial advantages, including equity appreciation and high-profit income streams. Coinbase currently holds approximately 8.5 million shares of Circle stock, and in the first quarter of this year alone, Coinbase received about $300 million in distribution fee income from Circle, which exceeded Circle's total net income of approximately $230 million. JPMorgan Chase estimates that the USDC balance on the Coinbase platform was $1.3 billion by the end of the first quarter, generating $125 million in revenue for the company, with a profit margin of 20-25%.