Coinbase Purchases Equity in Circle

Over the course of five years, USDC’s market cap skyrocketed from a mere $500 million to nearly $26 billion, according to CoinGecko. The stablecoin, which is vying for dominance with Tether – and more recently, a new contender in PayPal – for the lion’s share of the market, was launched through the Centre Consortium, which provided governance over the token. Under previous terms, Coinbase and Circle hand an agreement to share revenue between them based on USDC holdings and each firm’s stats regarding minting and distribution. According to Circle CEO Jeremy Allaire, a new agreement has been reached, which will focus less on the dealings of the partners and more on holdings.

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