Coinbase CFO: The USDC distribution contract with Circle will automatically renew every three years, never terminating

During the earnings call this morning, Coinbase CFO Alesia Haas stated: "I want to quickly remind everyone that our USDC contract (note: referring to the distribution agreement with Circle) automatically renews every three years, and it renews into perpetuity. The contract cannot be terminated."

Coinbase Chief Legal Officer Paul Grewal also stated: "Fortunately, the terms of the contract we have already signed with Circle are set, and as Alesia Haas emphasized, these contracts automatically renew. We expect to continue our partnership with Circle under the same terms in the future."