Circle makes no exception when it comes to Coinbase, as a matter of fact:

1) Circle pays almost everybody to keep their funds in $USDC, which explains why their monetary base is so big while their volume is tiny
2) And why Circle loses tons of money each quarter

— Stacy Herbert πŸ‡ΈπŸ‡»πŸš€ (@stacyherbert) August 21, 2022