$CRCL $COIN Coinbase pulls $1 billion from Circle. But there’s more beneath the surface: approximately 40% of the stablecoin revenue goes straight to users as yield. Stripping everything out, Coinbase and Circle earn roughly the same: around $600 million.

Broadly:
1. COIN gets revenue split from trading
2. CRCL gets revenue split from payments
3. They split DeFi revenue