Coinbase’s USDC Revenue Could Grow Seven Fold: Bloomberg
Coinbase's USDC-related stablecoin revenue could multiply significantly if payment adoption accelerates, according to Bloomberg Intelligence.Summary
Bloomberg Intelligence projects that Coinbase's stablecoin revenue, which already constituted about 19% of its total revenue in 2025, could increase two to seven times if USDC adoption in payments accelerates. In 2025, Coinbase earned approximately $1.35 billion from stablecoins, up from $911 million in 2024, with interest income on USDC balances becoming a high-margin revenue stream. This growth has intensified political scrutiny over stablecoin yield. The GENIUS Act, signed in July 2025, established a federal regime for payment stablecoins but explicitly prohibits issuers from paying interest to holders. Banking lobbies are pushing the Senate's Digital Asset Market Clarity (CLARITY) Act of 2025 to close perceived loopholes that allow non-issuer affiliates like Coinbase to pass yield back to customers as 'rewards.' Coinbase previously withdrew support for the bill due to these restrictions. Ironically, Coinbase's CEO suggested that if rewards are banned, the company would simply retain more of its revenue share from Circle, making the stablecoin line more profitable for Coinbase, even if users lose yield. The final shape of the CLARITY Act's yield rules may significantly impact Coinbase's business model.
(Source：Cointelegraph)