Coinbase executive: The USDC distribution contract with Circle will automatically renew every three years and will never terminate.

CoinFeed reported on May 8th, citing Yahoo Finance, that Coinbase CFO Alesia Haas stated during this morning's earnings call: "I want to quickly remind you that our USDC contract (referring to the distribution agreement with Circle) automatically renews every three years and is perpetually renewable. This contract cannot be terminated." Coinbase Chief Compliance Officer Paul Grewal also stated: "Fortunately, the terms of our existing contracts with Circle are finalized, and as Alesia Haas emphasized, these contracts automatically renew. We expect to continue our partnership with Circle on the same terms in the future."