🚨 Coinbase now captures nearly half of all USDC reserve income.
The latest data shows Coinbase’s share has grown from 17.8% in Q1 2022 to around 50% in recent quarters.
In Q1 2026, Coinbase received 49.6% of the total USDC reserve yield, almost matching Circle’s retained portion.
This reflects Coinbase’s strong position in the USDC ecosystem as total reserves have scaled up significantly.
A clear example of deepening alignment between Coinbase and USDC.
What’s your view on this split going forward?
Data as of May 2026, Source: Artemis