Coinbase CFO Reveals USDC-Circle Contract Auto-Renews Into Perpetuity and Has No Termination Clause

TLDR:

• Coinbase CFO Alesia Haas confirmed the USDC contract auto-renews every three years into perpetuity.
• CLO Paul Grewal confirmed Circle’s contract terms are set and will auto-renew without renegotiation.
• The USDC contract cannot be terminated by either party, providing Coinbase with long-term stability.
• Coinbase earns a share of USDC reserve interest income, secured through the auto-renewal structure.

The USDC contract between Coinbase and Circle auto-renews every three years and cannot be terminated, executives confirmed.

This disclosure came during Coinbase’s Q1 2026 earnings call. Chief Financial Officer Alesia Haas addressed the contract’s structure directly on the call.

Chief Legal Officer Paul Grewal also weighed in, confirming the existing terms remain set. Both executives stated that Coinbase expects to maintain the relationship with Circle under the same conditions.

Coinbase CFO Confirms USDC Contract Auto-Renews Into Perpetuity

CFO Alesia Haas confirmed the USDC contract structure during the Q1 2026 earnings call. She stated the agreement “auto-renews every three years into perpetuity and cannot be terminated.”

This means neither party holds the ability to exit the arrangement. The structure ensures a continuous and uninterrupted partnership between Coinbase and Circle.

The three-year renewal cycle removes any uncertainty around the long-term viability of the agreement. Coinbase derives a meaningful portion of its revenue from USDC-related interest income.

With the contract locked in, that revenue stream remains stable and predictable. Investors, therefore, have a clearer view of Coinbase’s stablecoin earnings outlook.

Haas also used the earnings call to introduce Shan Aggarwal as a key leadership addition. Aggarwal joins as Coinbase’s new Chief Business Officer and Head of Investor Relations.

She described him as her right hand during the company’s 2021 direct listing. He also led Coinbase’s Series E fundraise back in 2018.

CLO Paul Grewal Reaffirms Coinbase’s Contract Terms With Circle

CLO Paul Grewal also addressed the Circle partnership during the same earnings call. He confirmed the “existing contract terms with Circle are set, will auto-renew.”

Furthermore, Grewal noted that Coinbase expects to continue the relationship under those same terms. His remarks reinforced what Haas had already outlined earlier in the call.

This confirmation is relevant given the growing role of USDC in the stablecoin market. Coinbase earns a share of interest income from the reserves backing USDC.

The three-year auto-renewal cycle keeps that income stream locked in without interruption. As a result, the contract provides the company with a reliable and recurring revenue base.

Together, the remarks from Haas and Grewal offer investors consistent and clear messaging. The USDC contract remains a foundational part of Coinbase’s business model.

Both executives’ statements confirm that Circle is a core, long-standing strategic partner. Coinbase’s stablecoin position, as a result, stays well-supported for the years ahead.

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