This marks the first time in financial history where a distribution platform (Coinbase) has generated more revenue from a currency than its actual issuer (Circle). This unprecedented power shift mirrors Revelation's prophecies about economic control moving from traditional authorities to new technological intermediaries who can restrict or enable transactions.
USDC Revenue Battle: Digital Money Control Shifts to Exchanges
📰 What Happened
In Q1 2025, Coinbase earned $300M from USDC distribution, exceeding Circle's $230M total revenue - despite Circle being the stablecoin's issuer. Coinbase generated $125M from $13B in on-platform USDC balances and $170M from Circle Reserve Fund revenue sharing. JPMorgan values Coinbase's Circle-related economics at $55-60B, including 8.5M Circle shares worth $1.6B. The bank set a $404 price target for Coinbase stock.
📖 Prophetic Significance
The $300M vs $230M revenue disparity reveals a crucial prophetic development: the emergence of 'gatekeepers' who control access to money itself. Coinbase's ability to generate higher profits than USDC's issuer through its $13B balance holdings and Circle Reserve Fund arrangements demonstrates how digital exchanges are becoming the true controllers of monetary access. This aligns with prophecies about centralized economic control, but in an unexpected way - through private technology platforms rather than traditional government authorities. The $55-60B valuation of Circle-related economics shows the immense scale of this new financial power structure.