Coinbase Global Inc. is capitalizing on its partnership with Circle and the stablecoin USDC to drive significant shareholder value, estimated between $55-60 billion. According to JPMorgan analyst Kenneth B. Worthington, Coinbase benefits from a 66% margin on $300 million in USDC distribution payments from Circle in Q1. The partnership enables Coinbase to offer high USDC yields, acquiring users at a 'negative cost.' Coinbase holds $13 billion in USDC on-platform, generating $125 million in revenue with 20-25% margins. Off-platform, it earns approximately $170 million with near-100% margins from Circle Reserve Fund income. Despite Bitcoin's volatility, Coinbase's stable USDC strategy is proving to be a lucrative asset, with Circle valued at $50 billion.