Coinbase co-founds USDC with Circle (2018)
Circle and Coinbase launched the Centre Consortium to issue USDC, splitting reserve revenue. Coinbase invested in Circle and became a major shareholder, giving the exchange a direct financial stake in USDC's success.
USDC rose to become the second-largest stablecoin, used primarily on Coinbase's platform.
Coinbase's equity stake meant exchange and issuer shared a financial incentive in USDC growth, a model now repeated.
Binance's equity stake replicates Coinbase's playbook, but on a larger exchange with a global user base in emerging markets.
