Circle ensures that USDC maintains its core status in the Coinbase system, with the three-year split agreement renewed

On August 6, Jeremy Allaire, founder and chief executive officer of the USDC issuer, said at a press conference this evening: “We have concluded a renewal of our agreement with Coinbase in accordance with existing provisions, ensuring that USDC continues to be central to all Coinbase's product systems. It is also expected that our USDC network will continue to be expanded through distribution agreements with strategically aligned partners.” The Collaborative Agreement between Circle and Coinbase signed on August 18, 2023. Circe, as the sole issuer of USDC, will split interest earned on the USDC reserve assets with Coinbase: Coinbase will have 100 per cent of interest earned on the USDC reserves held on its platform, and 50 per cent of interest earned on the remaining reserves of other USDCs outside the platform; the initial duration of the agreement is three years and there is an automatic renewal mechanism。