Coinbase’s USDC Revenue Could Grow Seven Fold: Bloomberg

Bloomberg Intelligence estimates that Coinbase’s stablecoin revenue, largely tied to its USDC revenue share with Circle, could grow two to seven times if USDC adoption in payments accelerates. Stablecoins already accounted for about 19% of the company’s total revenue in 2025.

Coinbase reported a net loss of $667 million in the fourth quarter of 2025 but netted roughly $1.35 billion in stablecoin revenue for the year, up from $911 million in 2024. Interest income on USDC balances — $364 million in Q4 2025 alone — has become a high‑margin line compared with volatile trading fees.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed in July 2025, created a federal regime for payment stablecoins and bars issuers from paying interest to holders.

United States

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