A new JPMorgan report highlights Coinbase's significant financial success in partnership with Circle in Q1 2025.
USDC Revenue on Coinbase Platform
According to the JPMorgan report, Coinbase earned $125 million from USDC on its platform, with total user balances around $13 billion, yielding a margin of 20-25% on this revenue stream.
Revenue Sharing from Circle
Coinbase splits income from Circle’s Reserve Fund on a 50/50 basis, which contributed another $170 million in the last quarter, with most of it flowing through as profit due to minimal overhead.
Regulatory Moves by Circle and Ant Group
Circle is actively expanding its global reach, having applied to establish a national trust bank in the U.S. This move follows the passage of the GENIUS Act by the U.S. Senate, aimed at creating legal clarity for stablecoin issuers. Additionally, Ant Group's international arm plans to integrate Circle’s USDC into its blockchain platform.
The partnership between Coinbase and Circle showcases significant financial potential that could reshape the stablecoin market depending on further regulatory developments.
