Coinbase Stablecoin Revenue Could Grow 7x, Says Bloomberg Intelligence
Coinbase’s stablecoin business is already big. According to Bloomberg Intelligence, it could soon become enormous.
Analysts estimate Coinbase is currently generating about $1.35 billion per year from stablecoins — roughly 19% of its total revenue. But that may just be the starting point. Bloomberg believes that figure could grow sevenfold as stablecoins move beyond crypto trading and into mainstream global payments.
Key Takeaways
Coinbase generated about $1.35 billion in stablecoin revenue, around 19% of total income.
Bloomberg sees potential for 7x growth as regulation unlocks payment adoption.
Growth catalysts include the GENIUS Act, deeper merchant integration via Stripe, and expansion of Coinbase’s Base network.
From Trading Tool to Payment Rail
Bloomberg Intelligence analyst Paul Gulberg argues that investors are underestimating the next phase of stablecoins.
So far, stablecoins like USDC have largely been used as trading collateral within crypto markets. But that’s changing. As regulatory clarity improves and merchant adoption grows, stablecoins are increasingly being positioned as a core payment rail for global commerce.
Even though Coinbase posted a net loss of $667 million in Q4 2025, its revenue-sharing agreement with Circle — the issuer of USDC — remains a bright spot. That partnership alone generated $364 million in the fourth quarter.
Bloomberg’s 7x growth projection assumes that over time, transaction volume — not interest income — will become the main revenue driver. As rates stabilize, the speed and scale of payments could matter more than yield.
That shift is already visible. Stablecoin transaction volumes reportedly reached $33 trillion in 2025, with USDC accounting for $18.3 trillion of that flow. At that scale, traditional finance can’t ignore the fee opportunity.
The Role of the GENIUS Act
A major turning point came in July 2025 with the signing of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
The law created a federal regulatory framework for payment stablecoins, giving institutions the legal clarity they had been waiting for. For companies like Coinbase and Circle, that removed a significant overhang.
The Act does prevent issuers from paying interest directly to stablecoin holders — a concession to the banking lobby — but it effectively greenlit stablecoins for commercial use.
That means Coinbase can now pitch USDC settlements to major corporations without the regulatory uncertainty that previously slowed adoption.
Stripe and Base: The Operational Boost
Regulation alone isn’t the story. Infrastructure is improving too.
USDC’s integration into Stripe’s global payment rails opens the door for millions of merchants to accept stablecoin payments. That’s a direct pipeline for transaction growth.
At the same time, Coinbase’s Layer-2 blockchain, the Base network, is making small transactions practical by reducing fees to fractions of a cent. That’s critical if stablecoins are going to be used for everyday purchases.
The strategy is clever:
More payments increase USDC supply.
More USDC generates revenue share income.
Payments routed through Base also generate network fees.
In other words, Coinbase can monetize both the currency and the rails it runs on.
What a 7x Jump Would Mean
If Bloomberg’s forecast plays out, stablecoins could become Coinbase’s most valuable business segment — potentially surpassing its traditional trading revenue.
That would change how investors view the company. Instead of being seen as a volatile, cycle-driven crypto exchange, Coinbase could be re-rated as a more stable fintech payments platform.
Of course, risks remain. The banking lobby is pushing further legislation, including the proposed CLARITY Act, which could limit how exchanges pass rewards or incentives to customers.
Still, the direction of travel seems clear: stablecoins are moving from niche crypto tools to mainstream payment infrastructure.
