> I've also been under the (possibly incorrect) impression that the majority of Circle's dealings are with exchanges like Coinbase Circle belongs to Coinbase A

> I've also been under the (possibly incorrect) impression that the majority of Circle's dealings are with exchanges like Coinbase Circle belongs to Coinbase AFAIK. EDIT: ah I was wrong, after reading the comment below I googled and Coinbase+Circle created the "Centre" venture and they're 50/50 in it. And Centre is the company which launched the USDC stablecoin. So Coinbase doesn't own Circle but owns 50% of Centre.