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Circle vs Coinbase: Who Earns More from USDC?

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by Giorgi Kostiuk

a day ago

Circle's recent IPO filing shows that its USDC earnings fall short compared to cryptocurrency exchange Coinbase.

Circle's Financial Performance

Circle's financial report states that the company's largest expense was $908 million to Coinbase. Nonetheless, Circle generated $1.7 billion in revenue with $285 million in EBITDA.

USDC Growth and Market Position

USDC is showing significant growth with a market cap reaching $60 billion in 2024, making it the second-largest stablecoin after USDT. Since its inception, it has processed $25 trillion in transactions.

USDC has an impressive transaction volume exceeding $1 trillion, with tokens minted and redeemed across 19 blockchains.CITE_W_A

Stablecoin Market Competition

Amid growing competition from companies like PayPal and Ripple, Circle faces increasing challenges. However, the company continues to boost its revenue through interest on reserves supporting USDC.

Circle continues to show steady growth amid competitive pressures, but Coinbase retains a leading position in USDC earnings, thanks to high transaction fees.

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