Circle Renews USDC Deal with Coinbase, Eyes Continued Growth

Circle Internet Group has extended its partnership with Coinbase for three more years through 2029. The agreement, which includes the USDC stablecoin, will allow Circle to continue expanding its network and investing in regulated U.S. infrastructure.

The deal marks a significant renewal of trust between the two companies, as USDC circulation rose 19% year-over-year to $73.3 billion, with Coinbase holding 30% of the supply on its platform.

Circle reported $701 million in quarterly revenue and reserve income, up 7% year-over-year, but chose not to distribute any quarterly dividends to reinvest in product development, distribution partnerships, and strategic growth opportunities.