Coinbase’s $60B Potential Unveiled in USDC-Circle Partnership

JPMorgan's latest analysis highlights Coinbase's significant growth potential through its partnership with Circle and the USDC stablecoin. The bank estimates a total value of $55-$60 billion for Coinbase shareholders, far surpassing current market expectations. With Coinbase holding 8.5 million Circle shares valued at $1.6 billion, the revenue potential from USDC-linked streams is substantial, as evidenced by the $300 million earned in Q1 2025. This partnership positions Coinbase as a major player in the stablecoin ecosystem, with promising financial prospects ahead.

JPMorgan Highlights $60B Potential for Coinbase in USDC-Circle Partnership

JPMorgan's latest analysis reveals Coinbase's substantial upside from its alliance with Circle and the USDC stablecoin. The bank estimates $55-$60 billion in total value for Coinbase shareholders—far exceeding current market expectations.

Coinbase's 8.5 million Circle shares, valued at $1.6 billion, pale in comparison to the revenue potential from USDC-linked streams. The exchange earned $300 million in Q1 2025 distribution payments alone—outpacing Circle's entire $230 million quarterly revenue.

Two key revenue drivers emerge: $125 million from on-platform USDC balances at 20-25% margins, and $170 million from off-platform reserves at near-100% margins. This partnership structure disproportionately benefits Coinbase through reserve-sharing and distribution mechanisms.