Coinbase Held a Record 30% of USDC as Supply Outside Fell

Coinbase held a record share of USDC in the three months to September 2026 even as the stablecoin's overall supply shrank, according to a HaiPay analysis of Coinbase's earnings presentation filed with the SEC on 29 October. Average USDC held in Coinbase products rose to $22 billion, about 30% of USDC's $73 billion average market capitalisation, up from 22% a year earlier.

USDC held elsewhere moved the other way. Coinbase's figures show off-platform USDC averaging $51 billion in the quarter, down from $57 billion in the previous three months, and total USDC falling from $77 billion to $73 billion.

Revenue tilts toward Coinbase's own balances

Coinbase reported stablecoin revenue of $307 million, up 5% on the quarter, which it attributed to record USDC balances in its products and higher interest rates, partly offset by off-platform balances. Including revenue on its own corporate USDC, the presentation shows $328 million: $202 million from USDC in Coinbase products and $126 million from USDC held elsewhere.

A year earlier, off-platform USDC brought in $196 million, 55% of the total. In the latest quarter it was 38%. Off-platform balances were 4% lower than a year before, but the revenue from them was 36% lower.

Per dollar, USDC on Coinbase earns it more

Dividing each quarter's revenue by the average balance, Coinbase earned about $9.2 million for every $1 billion of USDC in its products in the third quarter, and about $2.5 million for every $1 billion held elsewhere. A year earlier the figures were $10.6 million and $3.7 million, so the gap widened from about 2.9 times to 3.7 times.

Circle, which issues USDC, says in its latest quarterly filing that the share of USDC held on each platform is used to calculate shares of reserve income under its collaboration agreement with Coinbase. Circle recorded $324.6 million of distribution costs for its agreements with Coinbase in the April-June quarter. It had not reported third-quarter results by 2 November.

How HaiPay counted

Coinbase's presentation gives balances in whole billions of dollars and revenue in whole millions, so the shares and revenue per $1 billion are approximate. HaiPay divided each quarter's revenue by the average balance for the same quarter. The figures are not annualised and are not the interest rate earned on USDC reserves.

What this does not show

Coinbase does not say which customers or products hold the USDC, why off-platform balances fell, or how its revenue on off-platform USDC is calculated. The market capitalisation figure is Coinbase's calculation from third-party data providers, not Circle's reported circulation. HaiPay did not contact Coinbase or Circle.

What to watch

Whether Circle's third-quarter results show the same fall in USDC held outside Coinbase.

Whether Coinbase's share of USDC keeps rising towards a third.

And whether revenue per dollar of off-platform USDC keeps falling.

About HaiPay's payouts

HaiPay, which publishes this news section, offers mass payouts to recipients' local bank accounts and e-wallets through a single API, with batch uploads, automated currency conversion and built-in AML and KYC checks. HaiPay's payouts page does not list stablecoin funding or stablecoin payouts. Learn more about HaiPay's mass payouts.