IPO documents reveal that Coinbase has received 50% of Circle's remaining earnings from USDC reserves According to Decrypt, the S-1 listing filing submitted by stablecoin issuer Circle shows that Coinbase, as its core partner, can receive a 50% share of the remaining earnings from USDC stablecoin reserves. In the regulatory filing submitted on Tuesday, Circle disclosed that Coinbase can receive a 50% share of the "remaining payment base," which directly comes from reserve assets supporting the USDC stablecoin; The distribution ratio of Coinbase is directly linked to the amount of USDC held by its exchange. When the amount of USDC held on the Coinbase platform increases, its profit sharing ratio also increases accordingly; Conversely, it decreases. This sharing agreement confirms the industry's long-standing recognition that Circle has a symbiotic relationship with its largest distribution partner Coinbase. The distribution costs and revenue sharing paid to Coinbase are directly influenced by the business strategies and policies of the exchange operator, which Circle cannot control or supervise.