$USDC Coinbase Global exchange receives half of the excess revenue from Circle, arising from the reserve funds supporting this company's USDC stablecoin, according to new information revealed in Circle's IPO filing.

In the S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, Circle disclosed that Coinbase receives 50% of the "excess payment base" — a portion of revenue directly from the reserve funds supporting USDC.