Coinbase shares rose 16% following the announcement of a 50% revenue-sharing agreement with Circle on USDC interest income. The agreement includes a three-year contract with an option for Coinbase to unilaterally renew. BlackRock, which manages the Circle Reserve Fund, saw a 1% increase as it earns asset-management fees from this role. Meanwhile, BNY Mellon, responsible for holding the Circle Reserve Fund, experienced a 2% rise, benefiting from asset-custody fees.
Coinbase, BlackRock, and BNY Mellon Benefit from Circle's USDC Operations
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