Supplementing and extending | Most of USDC profits are distributed to intermediate distributors The total supply of USDC can be divided into three parts: Coinbase's USDC, Circle's USDC, and USDC from other platforms. Coinbase: includes Coinbase Prime and USDC held by exchanges. Circle: including USDC held by Circle Mint. Other platforms: USDC held by decentralized platforms such as Uniswap, Morpho, Phantom, etc. According to Circle's S-1 filing, there is a profit distribution agreement between Circle and Coinbase as follows: USDC on the Coinbase platform: Coinbase receives 100% reserve returns. USDC on the Cirle platform: Coinbase earns 100% reserve returns. USDC on non Coinbase platforms: Coinbase and Circle each receive 50% reserve returns. @Super4DeFi