"Because we already modeled Coinbase's share at ~45%, we do not expect material changes to our model or earnings projections." Barclays analyst Ramsey El-Assal said the firm assumed USDC share "in the low-40s" but when adjusted to reflect the 50% share, its estimates for 2023 and 2024 interest income and adjusted EBITDA rise by about $40 million and $105 million, respectively. He added that by moving operations to Circle entirely, there "could be some cost savings as well, though we believe USDC is already a very high-margin product for Coinbase."