TechFlow news, July 29 — According to CoinDesk, a recent research report from JPMorgan Chase reveals that Coinbase has achieved significant gains through its partnership with Circle and the USDC business. In the first quarter of 2025, Coinbase earned approximately $300 million in distribution revenue from Circle alone, exceeding Circle's total net income of $230 million during the same period. The report estimates that the economic benefits related to Circle represent a total value to Coinbase shareholders between $55 billion and $60 billion.
As of July 25, Coinbase held $1.6 billion worth of Circle shares. On the platform side, at the end of the first quarter, Coinbase held $13 billion in USDC balances, generating $125 million in revenue; additionally, it earned $170 million in extra income through revenue-sharing with Circle's reserve fund.
