Bloomberg Tax
Aug. 21, 2023, 9:29 PM

Coinbase Takes Stake in Stablecoin Issuer Circle; Centre Closes

Olga Kharif
Olga Kharif
Bloomberg News

Coinbase Global Inc., the biggest US crypto exchange, has taken a stake in stablecoin issuer Circle citing “growing regulatory clarity for stablecoins in the US” and elsewhere.

The companies were co-founders of the Centre Consortium that governs the USD Coin stablecoin. Centre will be dissolved. Terms of the agreement weren’t disclosed.

Coinbase and Circle’s revenue from the USD Coin stablecoin “will continue to be shared based on the amount of USDC held on each of our platforms, and additionally we will now equally share in interest income generated from the broader distribution and usage of USDC,” Boston-based Circle said in ...

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