Coinbase’s Base Token Could Rake in $34 Billion by 2025, JPMorgan Predicts

• Why Is Base Coinbase’s Secret Weapon Against Ethereum?
• How Coinbase Is Turning USDC Into a Subscription Goldmine
• DEX Aggregation: Coinbase’s Plan to Eat the Crypto Pie
• Wall Street’s 2026 Price Target: $404 for COIN Stock
• FAQs: Coinbase’s Base Token and 2025 Strategy

Coinbase’s Layer 2 network, Base, is poised to become a crypto cash cow, with JPMorgan forecasting its native token could hit a $34 billion market cap. The exchange is also tightening its grip on USDC yields and integrating decentralized exchanges (DEXs) into its app—signaling a bold play to dominate the crypto landscape. Here’s why Wall Street is betting big on Coinbase’s 2025 breakout.

Why Is Base Coinbase’s Secret Weapon Against Ethereum?

Launched in August 2023, Coinbase’s ethereum Layer 2 network, Base, has quietly amassed over $5 billion in Total Value Locked (TVL). But the real game-changer? A native token now in the works. JPMorgan’s October 24 report estimates this token could catapult Base’s valuation to $34 billion, with Coinbase pocketing up to 40% ($12 billion) of that pie. Jesse Pollak, Base’s architect, frames it as a decentralization tool—though skeptics note it’s also a genius revenue play. "Base isn’t just scaling Ethereum; it’s building a DeFi empire with Coinbase pulling the strings," quipped one BTCC analyst.

How Coinbase Is Turning USDC Into a Subscription Goldmine

Coinbase is flipping the script on USDC rewards. Currently sharing $400 million/year in interest with users, the platform plans to reserve these payouts exclusively for Coinbase One subscribers—a Robinhood Gold-style move that could funnel an extra $374 million annually into its coffers. "It’s like turning USDC into a high-yield savings account, but only for VIPs," noted a TradingView commentator. The twist? Users’ own deposits fund these yields—a fact that’s sparked debates about "centralized DeFi."

DEX Aggregation: Coinbase’s Plan to Eat the Crypto Pie

Base’s newest trick? Swallowing the DEX ecosystem whole. By embedding a decentralized exchange aggregator directly into its app, Coinbase lets users trade any on-chain asset without leaving its walled garden. "We’re bridging the gap between CeFi simplicity and DeFi depth," said Max Branzburg, Coinbase’s VP of Product. Translation: They’re monetizing the chaos of DeFi while keeping users hooked to their interface. Data from CoinMarketCap shows Base already processes 9 million daily transactions—outpacing older LAYER 2 rivals.

Wall Street’s 2026 Price Target: $404 for COIN Stock

JPMorgan’s bull case hinges on three pillars: Base’s token, USDC monetization, and DEX integration. Their $404 price target for Coinbase stock (currently ~$355) implies a 14% upside by December 2026. "Base’s token isn’t just a revenue stream—it’s a growth multiplier," argued analyst Kenneth Worthington. Notably, Base’s NFT volume hit 1.27 million monthly transactions in September 2025, proving it’s more than just a side project.

Key Stats at a Glance:

• $5B: Base’s current TVL (DeFiLlama)
• 9M: Daily transactions on Base
• $34B: Potential token market cap (JPMorgan)
• $374M: Annual revenue from USDC paywall

FAQs: Coinbase’s Base Token and 2025 Strategy

What’s the purpose of Base’s native token?

The token aims to decentralize governance while funding Base’s expansion. Think of it as Ethereum’s gas token—but with Coinbase taking a hefty cut.

Will Coinbase One’s USDC move hurt retail users?

Likely. Free USDC yields will vanish for non-subscribers, pushing more users toward the $29.99/month plan.

How does Base compare to Arbitrum or Optimism?

Base trails in TVL but leads in institutional backing and integration with Coinbase’s 110M+ user base.