Coinbase Earns More with USDC Than Circle

The recent IPO filing of cryptocurrency firm Circle has revealed that the company makes less money off the USD Coin (USDC) stablecoin than cryptocurrency exchange Coinbase.  In fact, Circle’s largest expense was $908 million to Coinbase for distribution.  Circle’s S-1 is a reminder of Coinbase’s power in the crypto ecosystem. In ’24, Circle had $1.7b…

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