Circle is going to stay tied to Coinbase (getting drained) In 2024, Circle paid Coinbase about $910 million in 'distribution fees,' and in 2025, it even increased to $1.5 billion. This mandatory expense, combined with IPO equity reward expenses, turned the stablecoin business—which should have been a guaranteed profit—into a losing deal in Circle's hands Meanwhile, Tether's annual net profit is over $10 billion COIN CRCL USDT