Coinbase Decides to Automatically Renew Contract with Circle

Coinbase and Circle have met the conditions for the automatic renewal of their commercial partnership regarding USD Coin (USDC). The contract will continue under the existing terms, although the effective date of renewal and specific payment conditions have not been disclosed. Coinbase CFO Alesia Haas stated that the contract with Circle will be renewed. The collaboration between the two companies began in 2018, and Circle mentioned in its annual report submitted to the U.S. Securities and Exchange Commission (SEC) that it has promoted the spread of USDC through Coinbase and the Centre consortium. In August 2023, Circle became the sole issuer and operator of USDC, while Coinbase received a minority stake in Circle. The initial term of the partnership agreement is three years, with automatic renewals for additional three-year terms upon fulfilling contractual obligations. Coinbase reported total revenue of $1.22 billion and subscription and services revenue of $555.1 million for the second quarter of 2026. Documentation submitted by Circle to the SEC specifies that Coinbase receives payments linked to the net income of USDC reserves. Coinbase is described as a platform supporting various stablecoins and plans to maintain its collaboration with Circle and USDC. There has been no separate announcement regarding the completion of the contract renewal.

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