$USDC Coinbase Global exchange receives half of the surplus revenue from Circle, arising from the reserve funds supporting the company's USDC stablecoin, according to new information revealed in Circle's IPO filing.

In the S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, Circle disclosed that Coinbase receives 50% of the "surplus payment base" — a portion of revenue directly from the reserve funds supporting USDC.

Circle primarily generates income from reserve assets, mainly high-liquidity financial instruments such as U.S. Treasury bonds and cash equivalents.

Circle's filing discusses Coinbase receiving 50% of the revenue

The company reported revenue and income from reserves reaching $1.7 billion in 2024, with a net profit of $156 million. Circle is looking to capitalize on the increasing global adoption of blockchain-based payment methods.