Coinbase USDC Revenue May Rise as Payment Use Grows, Bloomberg Report Says

TLDR

• Bloomberg Intelligence said Coinbase could expand its USDC revenue many times if payment use continues to grow.
• Coinbase reported $1.35 billion in stablecoin revenue last year as interest income on reserves increased.
• USDC processed about $18.3 trillion in transactions last year, which placed it ahead of other stablecoins by volume.
• The GENIUS Act blocked issuers from paying yield, which created new limits on stablecoin rewards.
• Draft language in the CLARITY Act could restrict exchanges from offering USDC rewards to customers.

The company faces new pressure as stablecoin rules advance, and analysts expect faster revenue growth; investors watch the debate closely. Coinbase expanded its stablecoin business through its partnership with Circle, and the firm reported sharp changes in quarterly income. The market now tracks how new policy steps could reshape rewards that support ongoing user activity.

Coinbase USDC Revenue Outlook

Bloomberg Intelligence said Coinbase could expand its stablecoin revenue many times if payment use grows fast. Analysts linked this outlook to rising USDC activity, and they pointed to high reserve interest income. Coinbase reported $1.35 billion in stablecoin revenue last year, and it framed this line as a key driver.

The company recorded $364 million from stablecoins in the fourth quarter, and it stressed the steady nature of this stream. It compared that income with trading fees, and it said high rates lifted returns on reserves. The firm stated that USDC use keeps growing, and it expects more payment activity.

Stablecoin transactions reached new highs last year, and USDC handled about $18.3 trillion. Tether is still led by market cap, and it maintains a strong base. Coinbase continued to expand distribution with Circle, and it highlighted shared economics in public updates.

Management referenced the broader shift toward onchain transfers, and it told holders that rising demand shapes plans. The company casts stablecoins as core tools for transfers, and it said the trend offers new revenue options. It also confirmed its ongoing focus on efficient operations, and it pointed to stable yields as vital.

Policy Pressure on Stablecoin Rewards and Exchanges

Lawmakers advanced new steps through the GENIUS Act, and they barred issuers from paying interest. The act built a federal system for payment stablecoins, and it set limits on direct returns. The banking sector backed the rule, and it argued that yield could move deposits.

Senators prepared the CLARITY Act, and the draft text could expand the reward limits. That language could cover affiliates, and it could block exchanges from passing interest. Coinbase withdrew support in January, and it opposed parts affecting its reward plans.

The company earns a share of reserve interest, and it splits that income with Circle. Brian Armstrong told investors that a reward ban could raise the firm’s share, and he said users would lose returns. He added that the firm will adjust, and he said the model remains strong.

Senator Bernie Moreno said the CLARITY Act could pass soon, and he pointed to progress in talks. The bill combines CFTC and SEC elements, and it includes stricter yield terms. Lawmakers continued negotiations this week, and the Senate reviewed updated text.

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