Coinbase Backs OUSD as Circle Ties $655M in Distribution Costs to Coinbase

Coinbase is Circle’s largest USD Coin partner and a founding partner of Open USD (OUSD), placing the exchange in two stablecoin arrangements with different approaches to partner compensation. Coinbase’s products held an average of $20 billion in USDC during the second quarter of 2026, more than 30% of USDC in circulation at quarter-end. For the six months ended June 30, Circle recorded $1.395 billion in revenue and reserve income. The total included $1.320 billion in reserve income and $75.207 million in other revenue. Distribution and transaction costs were $815.816 million, with another $3.435 million in other costs. Net income from continuing operations was $103.46 million. These figures cover the first half of the year, not the second quarter alone.

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