circle paid coinbase $908m last year for USDC distribution. that deal renews in august. coinbase joined the OUSD consortium offering zero-fee minting and shared yield, then watched CRCL drop 16% on launch day. coinbase now sits on both sides of the table with $1.35b in annual USDC revenue and a competing stablecoin as negotiating leverage. CRCL's entire margin structure reprices in 30 days and the options chain is not reflecting it ...