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Circle renews Coinbase deal, adds slower notice and cure paths for USDC
The renewed contract, active starting Aug. 18, keeps USDC deal economics in place for another three-year term and gives Circle staged remedies if Coinbase misses separate product and reseller support thresholds.
Circle has renewed its agreement with Coinbase for another three-year term covering USDC economics, and starting Aug. 18 it added two notice-and-cure remedies if Coinbase misses defined support thresholds, according to CryptoSlate. The filing lays out remedies in stages. For product-support failures, Circle has a 60-day cure window after written notice; for reseller failures, the cure window is 90 days after notice. After the cure period, Circle can issue an exclusion notice and Coinbase can remain entitled to the affected payment stream for up to another 12 months. Circle and Coinbase have not publicly disclosed any missed thresholds or any exclusion notices. The deal also treats “Party Product Economics” and “Ecosystem Economics” as separate payment streams, meaning an exclusion affecting one stream would not automatically disrupt the other. Circle CEO Jeremy Allaire said on the company’s Aug. 5 earnings call that the Coinbase agreement had renewed on its existing terms. The original agreement was dated Aug. 18, 2023, with an initial three-year term and additional three-year renewal terms, and it also points to license schedule rights that become available after Aug. 18, 2026. Numerical thresholds for chain and product minimums are redacted in the filing, leaving outsiders unable to assess current compliance.