Coinbase’s USDC Revenue Could Grow Seven Fold: Bloomberg

Bloomberg Intelligence stated Coinbase’s stablecoin income, which is tied to its USDC income share with Circle and was 19% of complete income in 2025, might enhance two to seven instances if USDC adoption in funds accelerates.

That figure comes regardless of reporting a net loss of $667 million within the fourth quarter of 2025. In keeping with Coinbase’s This autumn 2025 shareholder letter, the corporate netted about $1.35 billion in stablecoin income final 12 months. 

That determine was up from $911 million in 2024, with $364 million in stablecoin income in This autumn 2025 alone, as curiosity revenue on USDC (USDC) balances grew to become a high-margin line for the alternate, in contrast with unstable buying and selling charges.

Stablecoins themselves have gone mainstream in utilization phrases. Whole stablecoin transaction quantity hit a record $33 trillion in 2025, with USDC accounting for about $18.3 trillion of that, forward of Tether’s USDt (USDT) by transaction worth, though Tether leads in market cap.

Politics of stablecoin yield

That progress is precisely why the politics round stablecoin yield have turn out to be so fraught. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed by US President Donald Trump in July 2025, created a federal regime for cost stablecoins and explicitly bars issuers from paying curiosity or yield to holders.

Associated: Who gets the yield? CLARITY Act becomes fight over onchain dollars

That provision is backed by the banking foyer as a result of yield‑bearing stablecoins may siphon deposits from the normal system. 

Banks and their allies now wish to go additional within the Senate’s Digital Asset Market Clarity (CLARITY) Act of 2025 negotiations by closing what they see as a loophole that still allows non‑issuer affiliates, corresponding to exchanges like Coinbase, to go among the curiosity on reserves again to clients as “rewards.”

Draft Senate language of the market structure bill may prolong the yield ban and stop Coinbase from providing any rewards tied to stablecoin balances. 

In January, Coinbase withdrew support for the bill after objecting to provisions that may limit its capacity to supply stablecoin rewards to clients.

Coinbase earns a share of interest income from USDC reserves by its partnership with Circle, and the businesses break up that income based mostly on USDC distribution.

Armstrong instructed buyers that if Congress bans rewards, the corporate would maintain extra of the Circle income share, making the stablecoin line extra worthwhile, regardless of customers dropping out on yield.

Cointelegraph reached out to Coinbase however had not acquired a response by publication time.

What’s subsequent for CLARITY?

The CLARITY Act, which bundles a Commodity Futures Buying and selling Fee (CFTC) and Securities and Trade Fee (SEC) break up with more durable language on third‑get together stablecoin yield, is presently working its means by the Senate.

Senator Bernie Moreno has stated he expected the CLARITY Act to clear Congress as quickly as April.

With stablecoins already accounting for nearly a fifth of Coinbase’s income and onchain greenback volumes hitting document highs, the eventual form of these yield guidelines might matter extra for Coinbase’s enterprise mannequin than the subsequent crypto value cycle.

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