Coinbase may acquire Circle to strengthen its stablecoin and protocol-level position.
The acquisition would allow multichain integrations for Coinbase Wallet and Base.
Coinbase’s USDC shares hit 23% of total supply, making it the second-largest source of revenue.
In a surprising revelation, Ryan Y Yi, a former member of Coinbase Ventures, the investment arm of the U.S.’s largest crypto exchange, Coinbase, has hinted at the possibility of the U.S.- based crypto exchange acquiring Circle, the USDC stablecoin issuer. In an X post, Yi stated that the strategic move would allow Coinbase to capitalize on USDC’s growing importance.
According to Yi, Coinbase’s share of USDC circulation has experienced significant growth. As of Q1 2025, Coinbase’s USDC shares had reached around 23% of the stablecoin’s total supply, reflecting rapid growth. Additionally, USDC has become Coinbase’s second-largest source of revenue. Hence, Yi argued that acquiring the Circle outfit would be strategic and allow the crypto exchange to capture USDC-related revenue fully.
Yi clarified Coinbase’s current position per revenue from its USDC shares, explaining that the exchang…
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