Circle Renews Coinbase Partnership for USDC through 2029

Circle Internet Group has renewed its partnership with Coinbase on existing terms, preserving the central role of USDC across the exchange's product ecosystem. The agreement initially began in August 2023 and was set to automatically renew every three years as long as both companies met their contractual obligations.

The renewal extends the arrangement into 2029 and maintains the current commercial structure between Circle and Coinbase. Under this arrangement, Coinbase supports USDC across its products and receives payments linked mainly to income earned from the assets backing the stablecoin.

Circle retains an issuer allocation before dividing the remaining income according to where USDC balances are held. At the end of the second quarter, 30% of USDC circulation was held on Coinbase's platform, while Circle held $12.4 billion or 17% within its own platform infrastructure.