Coinbase Stablecoin Revenue Explodes to $1.35B - Bloomberg Predicts 7x Growth Ahead

Coinbase just dropped a stablecoin revenue bomb. The exchange's quarterly figures reveal a staggering $1.35 billion haul from its stablecoin operations alone—a number that's turning heads and rewriting the rulebook for crypto-native revenue streams.

The New Cash Cow

Forget just trading fees. The real money in crypto's next phase is in the plumbing—the stable, dollar-pegged tokens that power everything from DeFi to remittances. Coinbase's massive revenue spike proves the infrastructure layer is where the serious profits are being minted. It's a classic case of selling the picks and shovels during a gold rush, only the tools are digital and the gold is programmable money.

Bloomberg's Bullish Bet

Analysts at Bloomberg aren't just impressed—they're forecasting a potential 7x growth runway. That projection isn't based on hype; it's anchored in the accelerating institutional adoption of stablecoins for treasury management, cross-border settlement, and as the foundational layer for a new financial stack. The traditional finance crowd might still scoff at 'internet money,' but their own analysts are now penciling in billion-dollar growth curves for it.

Beyond the Exchange

This isn't just an exchange story. It's a signal. Revenue of this magnitude from a single product line validates the entire stablecoin economy. It shows demand isn't speculative—it's utilitarian, persistent, and scaling fast. Every corporate treasury flirting with on-chain finance, every developer building a payment app, every bank exploring tokenization—they all need this rails. Coinbase is getting paid to lay them.

The cynical take? Wall Street spent decades perfecting the art of charging for money movement. Crypto just built a faster, cheaper, global system and is now—surprise—learning to charge for it too. The revolution will be monetized. But with a $1.35 billion quarter and a 7x growth target on the horizon, it's a revolution that's looking increasingly bankable.

Key Takeaways

• Coinbase generated approximately $1.35 billion in stablecoin revenue last year, accounting for 19% of its total income.
• Bloomberg Intelligence projects a potential 7x surge in this figure as regulatory frameworks drive payment adoption.
• The expansion hinges on the codified GENIUS Act, merchant integration via Stripe, and volume growth on the Base network.

Why Bloomberg Sees a Sevenfold Surge in Coinbase Stablecoin Revenue

Bloomberg Intelligence analysts, including Paul Gulberg, argue that the market is underestimating the utility phase of the stablecoin lifecycle.

While Coinbase reported $1.35 billion in stablecoin revenue for 2025, roughly 19% of its total top line, Bloomberg models suggest this figure is merely a baseline.

The forecast arrives despite Coinbase noting a net loss of $667 million in Q4 2025. The exchange’s revenue share agreement with Circle, the issuer of USDC, remains a bright spot, generating $364 million in the fourth quarter alone.

Bloomberg’s 7x multiple assumes that as interest rates stabilize, the sheer velocity of payment transactions will eclipse interest income as the primary revenue driver.

This thesis aligns with broader market data showing stablecoin transaction volumes hitting $33 trillion in 2025.

With USDC accounting for $18.3 trillion of that flow, the asset has already begun to decouple from pure crypto trading volumes.

The scale is big enough that the traditional finance sector can no longer ignore the fee generation potential.

How the GENIUS Act Is Accelerating Stablecoin Mainstream Adoption

The regulatory landscape shifted dramatically with the signing of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in July 2025.

By creating a federal regime for payment stablecoins, the legislation provided the legal certainty required for large-scale institutional participation.

The Act explicitly bars issuers like Circle from paying interest to holders, a move backed by the banking lobby to protect traditional deposits.

While the regulatory framework for digital assets remains complex, the GENIUS Act has effectively greenlit stablecoins for commercial usage.

This clarity allows Coinbase to market USDC settlements to Fortune 500 companies without the overhang of legal ambiguity that plagued the sector in previous years.

Retail users on Coinbase have been very resilient during these market conditions, according to our data:

– They’ve been buying the dip – we’ve seen a native unit increase for retail users across BTC and ETH

– They have diamond hands – vast majority of customers had native unit…

Stripe Integration and Base Network Expansion Drive Payment Ambitions

Operational catalysts are already live, fueling the Bloomberg projection. The integration of USDC into Stripe’s global payment rails has reopened crypto acceptance for millions of merchants, creating a direct funnel for transaction volume.

Simultaneously, Coinbase’s own Layer-2 blockchain, the Base networkis lowering the barrier to entry for micro-transactions.

Much like other scaling solutions, the Base network reduces gas fees to fractions of a cent, making dollar-denominated transfers economically viable for daily coffee purchases.

High-throughput networks are critical here, as the bitcoin Lightning Network demonstrated with its $1 billion monthly volume milestones, low-fee environments rapidly attract payment liquidity.

By routing these payments through Base, Coinbase captures value twice: once through the underlying sequencer fees and again through its revenue share on the growing supply of USDC required to service this commerce.

What a 7x Revenue Jump Would Mean for the Stablecoin Market

If Bloomberg’s 7x scenario plays out, stablecoin revenue WOULD arguably become Coinbase’s most valuable business line, overshadowing its volatile trading fees.

This shift would fundamentally re-rate the stock, moving it from a cyclical crypto exchange play to a steady fintech payments processor. However, risks remain substantial.

The banking lobby is currently pushing the CLARITY Act in the Senate to close loopholes that allow exchanges like Coinbase to pass rewards to customers.

Market structure is making great progress, and I believe we're going to reach a win-win-win outcome.

A win for the crypto industry.
A win for the banks.
And, most importantly, a win for the American consumer. pic.twitter.com/t0WM3XUZX4

If new language bars these rewards, consumer adoption could slow.

Analysts at Monness Crespi maintain a sell rating, warning that optimistic projections effectively ignore the political target painted on stablecoin yields.

So, for Bloomberg’s 7x to be possible, Coinbase must defend its rewards program while successfully migrating user activity from holding USDC to spending it.