Coinbase Global Inc.'s new arrangement with Circle could deliver financial benefits, analysts say.
The cryptocurrency exchange announced Monday that it would invest in Circle, the the issuer of the USDC stablecoin, while winding down the jointly managed Centre Consortium that used to oversee the stablecoin. Additionally, the parties will start equally sharing in interest income generated from the distribution and usage of USDC, while continuing to share revenue based on the amount of USDC USDCUSD, +0.01% held on each of their platforms.
Interest income “is nearly pure profit,” the analysts said, though they kept an underweight rating on the stock. While Coinbase noted in a Monday tweet that the company doesn’t expect the update to impact its prior outlook, the Barclays team highlighted that Coinbase was looking for at least $300 million in subscription and services revenue in the third quarter, so there could be room for upside.
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