Circle Renews Coinbase Partnership Through 2029, Expands Stablecoin Growth
Circle has renewed its commercial partnership with Coinbase through 2029, maintaining its growth-focused strategy. The renewal is automatic under a three-year clause in their deal.
The partnership, which dates back to August 2023, sees Circle as the sole issuer and operator of USDC (USD Coin), while Coinbase received a minority equity stake and income from USDC reserves. Under the renewed agreement, the USDC circulation grew by 19% year-over-year in Q2 2026, reaching $73.3 billion.
Circle's CFO Jeremy Fox-Geen stated that retaining capital rather than paying dividends allows the company to strengthen its balance sheet and invest through changing market conditions. This strategy aligns with Circle's broader expansion plans, including the recent approval for regulated custody services via Circle National Trust.