Circle has renewed its USDC revenue-sharing agreement with Coinbase for another three years through 2029 on the same terms first set in 2023, reinforcing the stablecoin’s role across Coinbase’s retail and institutional products. The arrangement gives Coinbase 100% of reserve interest income generated by USDC held on its platform and 50% of residual reserve income from USDC circulating elsewhere after Circle’s issuer allocation and other partner deductions. Circle reported $701 million in total revenue and reserve income for the second quarter of 2026, up 7% from a year earlier, while USDC circulation reached $73.3 billion at quarter-end, a 19% year-over-year increase. Coinbase accounted for about 30% of total circulation, and Circle’s own platform infrastructure represented about 17%, or $12.4 billion. The renewal removes uncertainty around a key commercial relationship as Circle continues expanding USDC distribution through more than 150 partners. Circle Chief Financial Officer Jeremy Fox-Geen said the company has no plans for a quarterly dividend and will prioritize reinvestment, balance-sheet strength and growth initiatives, including non-reserve revenue streams.