Coinbase USDC revenue may multiply 7x as payments grow, Bloomberg says

Bloomberg Intelligence said Coinbase’s USDC revenue may jump sevenfold, as Congress weighs a ban on stablecoin rewards that could reshape how that money is earned.

Bloomberg Intelligence said Coinbase’s stablecoin revenue, which is tied to its USDC revenue share with Circle and was 19% of total revenue in 2025, may increase two to seven times if USDC adoption in payments accelerates.

That figure comes 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 about $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 with volatile trading fees.

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