Coinbase may be nearing a sizeable lift in revenue tied to USDC. Bloomberg Intelligence said the company’s income from the stablecoin — including its share of reserve interest and related fees — could increase by 2x to 7x if stablecoin adoption keeps expanding. In 2025, revenue linked to stablecoins already represented 19% of Coinbase’s total income, showing how quickly this segment has gained weight inside the business.
Payments and remittances are expanding USDC beyond trading
The growth case rests less on trading activity and more on stablecoins moving into payments, remittances, and merchant services. Total stablecoin transaction volume reached a record $33 trillion in 2025, and USDC accounted for more than $18 trillion of that amount. That shift matters for Coinbase. It points to a business line that can generate revenue not only from transaction fees but also from interest earned on USDC reserves, which analysts describe as a steadier and higher-margin source of income than traditional trading fees.
New laws could define how much of that upside Coinbase keeps
How much of the projected upside turns into actual profit will depend heavily on regulation. The report said the Genius Act, passed in 2025, requires stablecoins to be fully backed by high-quality assets while restricting direct interest payments to holders. Bloomberg Intelligence also flagged future legislative proposals, including the CLARITY Act, as potential sources of added limits on how exchanges such as Coinbase generate income from stablecoin activity.
Chief executive Brian Armstrong has said that restrictions on rewards could slow adoption. He also indicated Coinbase could adjust its revenue-sharing structure to preserve profitability. That leaves the company with some flexibility, even if the rules around stablecoin economics become tighter.
Outage and share sale add pressure in the near term
The longer-term revenue story is being weighed against operational and market concerns. A recent technical outage disrupted global trading on Coinbase, exposing risks that can affect both revenue and user confidence. The company’s stock also reacted after Armstrong sold 1.5 million shares, adding to investor unease.
Even so, the report noted that dip-buying after quarterly losses suggested the market still sees value in Coinbase’s longer-term position. If stablecoin usage continues to spread, USDC revenue — once viewed as a secondary stream — could take a much larger role in the company’s profit mix over the next several years.