Crypto: 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.

Stablecoins themselves have gone mainstream in usage terms. Total stablecoin transaction volume hit a record $33 trillion in 2025, with USDC accounting for about $18.3 trillion of that, ahead of Tether’s USDt (USDT) by transaction value, although Tether leads in market cap.

That growth is exactly why the politics around stablecoin yield have become 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 payment stablecoins and explicitly bars issuers from paying interest or yield to holders.

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

That provision is backed by the banking lobby because yield‑bearing stablecoins could siphon deposits from the traditional system.

Banks and their allies now want to go further in 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, such as 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 extend the yield ban and prevent Coinbase from offering any rewards tied to stablecoin balances.

Source: CoinTelegraph