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SEC Has Been Probing Coinbase and Circle USDC Revenue Split for Years
Inquiries about the USDC revenue split between the two companies began in 2023 while Gary Gensler was still head of the SEC, according to correspondence.
For years the Securities and Exchange Commission pressed crypto exchange Coinbase to be more transparent about its relationship with stablecoin issuer Circle, recent filings show.
A batch of correspondence dated January through March 2025 was uploaded to the SEC on Tuesday.
In a January letter, the Commission’s Division of Corporation Finance requested that Coinbase clarify how “stablecoin revenue is generated, in part, from the distribution of USDC” in its future disclosures, including “the formula used to determine your share of stablecoin revenue.”
The SEC’s inquiry focused on financial statements dating back as far as 2022, requesting certain disclosures be revised and that Coinbase clarify how stablecoin revenue is recognized. The regulator’s focus on Coinbase and Circle’s relationship, among broader comments, dates back to October 2023 under former SEC Chair and critic Gary Gensler.
