Coinbase

COIN · NASDAQ

Can revenue beyond trading reduce dependence on crypto cycles?

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BUSINESS NETWORK

Follow the dependencies

Select a node to explore the evidence and open questions.

RELATIONSHIP MAPCoinbase

UPSTREAM INPUTS

FOCUS COMPANYCoinbaseBusiness dependency focus

DOWNSTREAM DELIVERY

Upstream · inputsDownstream · deliveryDashed · historical

Partner · Upstream

Circle

USDC issuance and commercial revenue sharing

Historical disclosure · 2023-08-21

01The relationship

The 2023 joint announcement identifies Circle as USDC issuer and describes reserve-interest sharing with Coinbase. This is a historical agreement baseline; subsequent terms may have changed.

02What to verify next

Check the latest agreement, USDC balances, interest rates and sharing terms.

03Sources & evidence

Circle Ushering in the next chapter for USDC · 2023-08-21

Read supporting excerpt

Coinbase and Circle will continue to generate revenue from USDC reserves interest income.

RELATIONSHIP REGISTER

The business behind each connection

3 / 3

Compare what is supplied or delivered, the disclosed facts and open questions. Select a company name to highlight its connection above.

Coinbase · Documented business dependencies
Counterparty / direction	Product or service	Evidence & scope	Source / disclosure date	What to verify next
Upstream · Partner	USDC issuance and commercial revenue sharing	The 2023 joint announcement identifies Circle as USDC issuer and describes reserve-interest sharing with Coinbase. This is a historical agreement baseline; subsequent terms may have changed.	Historical disclosure Circle ↗2023-08-21 Supporting excerpt Coinbase and Circle will continue to generate revenue from USDC reserves interest income.	Check the latest agreement, USDC balances, interest rates and sharing terms.
Upstream · Platform	Exchange & data infrastructure	The 2022 announcement says Coinbase selected Google Cloud for exchange and data services; current migration scale is not established.	Historical disclosure Google Cloud ↗2022-10-11 Supporting excerpt Coinbase, who has selected Google Cloud to build advanced exchange and data services	Verify subsequent infrastructure deployment and service scope.
Downstream · Partner	Stablecoin payment technology partner	On June 12, 2025, Shopify announced payment smart-contract development with Coinbase; USDC payments on Base were then in early access.	Historical disclosure www.shopify.com ↗2025-06-12 Supporting excerpt Shopify and Coinbase addressed these challenges with a first-of-its-kind smart contract	Did the collaboration subsequently expand merchant availability?

Coverage & reading notesReviewed 2026-10-17

Selected relationships, not a complete supply chain. Omission does not imply absence, and a dated disclosure does not establish that a contract remains active. Arrows indicate input or delivery direction, not exclusivity, procurement share or investment advice.