Coinbase’s USDC Revenue Jumps as Stablecoin Debate Heats Up

TheNewsCryptoОпубликовано 2026-02-24Обновлено 2026-02-24

Введение

Coinbase's stablecoin revenue, primarily from its USDC share with Circle, surged to $1.35 billion in 2025, accounting for 19% of its total revenue. This growth occurred despite a net loss of $667 million in Q4 2025. USDC transaction volume reached $18.3 trillion last year, though Tether leads in market cap. The stablecoin sector's expansion has intensified regulatory debates, particularly around yield payments. The GENIUS Act prohibits issuers from paying interest, and proposed legislation may further restrict platforms like Coinbase from offering rewards on stablecoin balances, amid concerns over competition with traditional banks.

Bloomberg Intelligence reported that the stablecoin revenue of Coinbase associated with its USDC revenue share with Circle was 19% of overall revenue in 2025 and may surge two to sevenfold if USDC adoption in payments intensifies.

This comes regardless of witnessing a net loss of about $667 million in Q4 of 2025. As per the Q4 2025 shareholder letter of Coinbase, the firm earned about $1.35 billion in stablecoin revenue in 2025.

The figure was up from $911 million in its previous year, with $364 million in stablecoin revenue in just Q4 2025 solely, as interest income on USDC balances became a high-margin line for the exchange, contrasted with volatile trading fees.

The Significant Surge

Talking about stablecoins, they have also gone mainstream in usage terms. Overall stablecoin transaction volume hit a record $33 trillion in the last year, with USDC accounting for around $18.3 trillion of that, ahead of Tether’s USDT by transaction. However, Tether leads in market capitalisation.

The growth is the reason why the politics revolving around stablecoin yield have become so upset. The Guiding and Establishing National Innovation for US Stablecoins, commonly known as the GENIUS Act, signed by President Trump last year, made a federal regime for payment stablecoins and specifically restricts issuers from paying interest or yield to holders.

That provision is supported by the banking lobby, as yield-bearing stablecoins could drain deposits from the traditional system. Banks and their associates now want to go further in the Digital Asset Market Clarity Act of 2025 of the Senate negotiations by shutting what they witness as a loophole that still permits non-issuer affiliates, like exchanges like Coinbase, to pass some of the interest on reserves back to customers as “rewards”.

Draft Senate language of the market structure bill could go beyond the yield restriction and stop Coinbase from offering any rewards associated with the stablecoin balances.

Highlighted Crypto News Today:

Step Finance and SolanaFloor Shut Down After Treasury Hack Drains Millions in SOL

Связанные с этим вопросы

QWhat percentage of Coinbase's overall revenue in 2025 came from its USDC revenue share with Circle?

A19% of Coinbase's overall revenue in 2025 came from its USDC revenue share with Circle.

QWhat was the total stablecoin revenue Coinbase reported for the year 2025?

ACoinbase reported earning about $1.35 billion in stablecoin revenue in 2025.

QWhich stablecoin had a higher transaction volume in the last year, USDC or USDT?

AUSDC had a higher transaction volume, accounting for around $18.3 trillion of the total $33 trillion, ahead of Tether's USDT.

QWhat is the name of the US law that restricts stablecoin issuers from paying interest or yield to holders?

AThe law is called the Guiding and Establishing National Innovation for US Stablecoins, commonly known as the GENIUS Act.

QWhat potential new legislation could stop Coinbase from offering rewards on stablecoin balances?

AThe draft Senate language of the Digital Asset Market Clarity Act of 2025 could stop Coinbase from offering any rewards associated with stablecoin balances.

Похожее

A $75 Billion Reallocation of Risk Assets: How SpaceX's IPO Will Impact U.S. Stocks and Bitcoin?

SpaceX’s historic IPO raises approximately $75 billion, with a valuation nearing $1.77 trillion. The listing is seen as a major event intertwining U.S. stocks, AI, and crypto narratives. While Bitcoin remained stable around $63,300 ahead of the debut, crypto derivatives markets actively traded SpaceX perpetual futures, reflecting high-risk appetite. The massive IPO could act as a liquidity drain, redirecting capital from other assets into SpaceX. However, the inclusion of SpaceX in major indexes may further concentrate passive investor portfolios around tech and AI themes. Drawing parallels to Coinbase’s 2021 listing—which preceded a sharp Bitcoin correction—the article suggests that such high-profile IPOs often signal peak narrative pricing. Notably, SpaceX holds about 18,712 Bitcoin (worth ~$1.2 billion) on its balance sheet, offering institutional credibility to Bitcoin. Yet, this amounts to only 0.07% of SpaceX’s valuation, limiting its financial impact. In summary, SpaceX’s IPO presents a dual effect: short-term competition for risk capital and long-term narrative support for Bitcoin through corporate adoption.

链捕手24 мин. назад

A $75 Billion Reallocation of Risk Assets: How SpaceX's IPO Will Impact U.S. Stocks and Bitcoin?

链捕手24 мин. назад

The Tao (τ) Law Makes EDA Go Viral

In May 2026, Huawei's semiconductor division introduced the "Tao (τ) Law" at IEEE ISCAS, shifting the industry focus from Moore's Law's geometric scaling to "time scaling." Unlike traditional approaches relying on transistor miniaturization, τ Law optimizes the time constant (τ) across device, circuit, chip, and system levels to improve information processing speed and efficiency. Huawei has already applied this principle, mass-producing 381 chips across various applications, with a target to achieve performance equivalent to 1.4nm technology by 2031. The implementation of τ Law, involving techniques like Chiplet, 3DIC, and Logic Folding, places new demands on EDA tools, highlighting gaps in current offerings. Traditional 2D or pseudo-3D EDA flows lack native support for true 3D design, cross-layer co-optimization (STCO), and coupled multi-physics analysis (thermal, power, stress), which are crucial for advanced integration. Chinese EDA companies, such as Empyrean Software, Primarius Technologies, and Xpeedic, are evolving from point-tool specialists to providing full-flow, system-level solutions. For instance, Peking University has developed a prototype "true 3D" EDA tool showing significant improvements in wirelength and timing. Empyrean Software has also launched a comprehensive 3DIC design and verification platform. The τ Law framework presents an opportunity for the domestic EDA industry to transition from achieving basic functionality to developing robust, integrated toolsets essential for next-generation chip design.

marsbit2 ч. назад

marsbit2 ч. назад

Bitcoin Puell Multiple Falls To 0.74 As Miner Revenue Slides

The Bitcoin Puell Multiple, an on-chain indicator that measures the ratio of daily miner revenue in USD to its 365-day moving average, has declined to a recent value of 0.74. This drop suggests that Bitcoin miners are currently earning less than 75% of their average income over the past year, primarily due to a bearish shift in the cryptocurrency's price. Historically, Bitcoin has tended to find market bottoms when miner stress is high, though the current Puell Multiple level remains above those seen at the lows of the last two major bear markets. This implies that further price declines could be necessary for a bottom to form, assuming past patterns repeat. The indicator also shows characteristic sharp drops coinciding with Bitcoin Halving events, which cut the block subsidy in half. Concurrently, Bitcoin's price has been trading sideways around $62,800.

bitcoinist2 ч. назад

Bitcoin Puell Multiple Falls To 0.74 As Miner Revenue Slides

bitcoinist2 ч. назад

BingX Introduces Industry-First Futures Asset Auto Earn for BingX VIPs

BingX has launched a Futures Asset Auto Earn event, an industry-first program exclusively for VIP3+ and above users. Running from June 12 to August 12, 2026, it allows eligible traders to earn daily interest on their USDT-M perpetual futures margins without locking funds or impacting trading activity. Key features include one-click activation, daily settlement of interest, no lock-up periods for positions, and tiered rewards with rates up to 4% based on VIP level. This initiative enhances BingX's VIP offerings, enabling users to generate passive income while maintaining full control over their trading strategies.

TheNewsCrypto4 ч. назад

BingX Introduces Industry-First Futures Asset Auto Earn for BingX VIPs

TheNewsCrypto4 ч. назад

It's Not Jensen Huang Who Wants to Change the PC, But the PC That's Revolting Against Itself

The 40-year-old PC industry is undergoing a fundamental transformation, driven by the rise of AI PCs. At the GTC Taipei 2026 event, NVIDIA, backed by Microsoft and major PC OEMs, announced the RTX Spark super chip for Windows PCs, marking its official entry into the PC core processor market. This move aims to redefine the AI PC by shifting its core from the CPU to an AI-focused SoC (System on Chip). NVIDIA envisions the PC evolving from a personal computer to a "personal AI"—a platform where local AI Agents can autonomously perform tasks. While Intel pioneered the AI PC concept earlier in 2026, NVIDIA's aggressive push, leveraging its vast CUDA developer ecosystem of 6 million, positions it to potentially reshape the industry's long-standing Wintel (Windows-Intel) power structure. NVIDIA's strategy extends beyond hardware; it's about embedding its CUDA, RTX, and AI software stack into the PC platform itself. The article identifies key shifts: 1) The move from a CPU-centric to an AI SoC-centric architecture, similar to Apple's approach with its M-series chips. 2) The PC's evolution from a human-operated tool to a platform for human-Agent collaboration. 3) The extension of NVIDIA's data center-centric CUDA ecosystem to personal devices via RTX Spark. Ultimately, the change is driven by the broader trend of AI moving to personal devices. Companies like Intel, AMD, Qualcomm, and Apple are all participating in this shift. NVIDIA's entry accelerates the competition, but the core driver is the technology itself finding its optimal expression in the PC. The industry is reinventing itself, with the outcome hinging on execution, ecosystem development, and the creation of compelling local AI applications.

marsbit4 ч. назад

It's Not Jensen Huang Who Wants to Change the PC, But the PC That's Revolting Against Itself