In an astonishing revelation, Ryan Yi, a former member of Coinbase Ventures, the investment arm of Coinbase, the largest US crypto exchange, suggests the possibility of USDC stablecoin issuers, the acquisition circle of US-based crypto exchanges. In the X Post, Yi said the strategic move will allow Coinbase to take advantage of the growing importance of USDC.
According to Yi, Coinbase’s USDC circulation share has grown significantly. As of the first quarter of 2025, Coinbase’s USDC shares reached approximately 23% of Stablecoin’s total supply, reflecting rapid growth. Furthermore, USDC has become Coinbase’s second largest revenue stream. Therefore, Yi argued that getting a circle outfit would be strategic and that crypto exchanges would allow them to fully acquire USDC-related revenue.
YI revealed Coinbase’s current position from USDC stocks, explaining that the exchange will only acquire full reserves on the on-platform USDC and split 50/50 from the platform’s revenues on Sircle, despite having four times the USDC. Meanwhile, Coinbase plays an important role in the adoption of USDC.
Increased revenues spark rumors
Given Coinbase’s current status per USDC share, the revenue sharing model limits Crypto Exchange’s ability to scale products for customers and developers. According to YI, the current situation does not award Coinbase protocol-level control. Therefore, he believes that getting a circle eliminates that constraint.
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YI added that by obtaining Circle, Coinbase will obtain full revenue attribution in governance to USDC and USDC protocols. It also enables multi-chine integration and strategic flexibility between key products such as Coinbase wallets and bases.
Additionally, former Coinbase Ventures members cited their understanding of the long-term value of such developments by both companies, highlighting the potential for related synergies, despite the parties still not reaching certain terms of transaction. Meanwhile, Circle has denied reports of ongoing acquisition talks with Coinbase and Ripple, describing them as unfounded rumors.
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