Coinbase may see its USDC related revenue increase by two to seven times if stablecoin adoption in payments accelerates, according to recent analysis from Bloomberg Intelligence. In 2025, Coinbase earned roughly $1.35 billion from stablecoins, representing about 19% of total revenue, despite reporting a net loss of $667 million in Q4. USDC alone accounted for $364 million in revenue in the fourth quarter, highlighting its role as a high-margin business line compared with trading fees.
Total stablecoin transaction volumes reached a record $33 trillion in 2025, with USDC responsible for $18.3 trillion by transaction value, surpassing other major stablecoins such as Tether (USDT). The growing usage of stablecoins in payments is positioning Coinbase to benefit significantly from interest income on USDC reserves, shared with issuer Circle.
Regulatory Risks Around Stablecoin Yield
The expansion comes amid evolving U.S. stablecoin regulation. The GENIUS Act, signed in July 2025, prohibits yield payments directly from issuers to holders. Meanwhile, the Senate’s proposed CLARITY Act could extend restrictions to third-party platforms like Coinbase, potentially banning rewards tied to stablecoin balances. Despite potential restrictions, Coinbase executives have indicated that a yield ban could increase its retained share of USDC interest revenue, enhancing profitability even if users no longer receive rewards.
The regulatory framework for stablecoins is expected to be finalized in 2026, a factor that could significantly shape Coinbase’s revenue trajectory.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.