TLDR Tech / Fintech
Coinbase stablecoin revenue poised for up to sevenfold surge
Bloomberg Intelligence estimates Coinbase's stablecoin revenue, which made up about 19% of 2025 revenue ($1.35 billion), could grow two to seven times under the GENIUS Act if payments adoption accelerates. The key swing factor is whether final legislation restricts exchanges from offering yield on USDC balances, which could reshape Coinbase's revenue-sharing economics with Circle. Ironically, a yield ban could boost Coinbase's margins by allowing it to retain more reserve income, even as bank lobbyists warn of potential deposit flight.
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