Coinbase USDC revenue could 7x as payments grow, Bloomberg says
Bloomberg Intelligence says Coinbase’s USDC revenues could jump as much as sevenfold, as Congress weighs a ban on stablecoin rewards that could reshape how that money is earned.
Bloomberg Intelligence estimates that Coinbase’s stablecoin revenue, which is largely tied to its USDC revenue share with Circle and already about 19% of total revenue in 2025, could grow by two to seven times if USDC adoption in payments accelerates.
Despite reporting a net loss of $667 million in the fourth quarter of 2025, according to Coinbase’s Q4 2025 shareholder letter, the company netted around $1.35 billion in stablecoin revenue last year.
That figure was up from $911 million in 2024, with $364 million in stablecoin revenue in Q4 2025 alone, as interest income on USDC (USDC) balances became a high-margin line for the exchange compared to volatile trading fees.