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.
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