2025-04-02
Circle has officially become the sole
issuer of the USDC stablecoin after acquiring Coinbase’s 50% stake in their
joint venture, Centre Consortium, for $210 million in stock. The details were
revealed in Circle’s initial public offering (IPO) filing.
The transaction, completed in 2023,
involved the transfer of approximately 8.4 million Circle common shares, valued
at around $209.9 million.
Following the acquisition, Centre
became an indirect subsidiary of Circle before being dissolved in December
2023. Its assets were absorbed by another fully owned Circle entity.
Centre Consortium was originally formed
as a joint effort between Circle and Coinbase to oversee the governance and
issuance of USDC, one of the most widely used stablecoins in the crypto market.
As part of the same restructuring deal
in August 2023, Coinbase took an equity stake in Circle, though the financial
terms of that investment were not disclosed at the time.
The IPO filing marks the first public
confirmation of the full acquisition cost and the shift in governance. With
Centre dissolved, Circle now holds full control over the operations, issuance,
and management of USDC.
Coinbase, in its Q3 2023 earnings
report, had said the updated agreement would “streamline operations and
governance” while improving “direct accountability of Circle as the issuer of
USDC.”
