TL;DR
- Coinbase is driving USDC adoption beyond trading into payments and financial services
- Strategic partnerships include Stripe, Shopify, and Nodal Clear
- Non-trading revenue now contributes 42% of Coinbase’s total income
- Base blockchain has settled $6.8 trillion in USDC volume in 2025
- Bernstein gives outperform ratings to both Coinbase and Circle, with PTs of $510 and $230
Coinbase Shifts Focus: From Exchange to Stablecoin Infrastructure Leader
Coinbase (COIN), once primarily known as a crypto exchange, is now positioning itself as a core driver of stablecoin infrastructure, according to a new research report by Bernstein. The company is rapidly advancing USDC usage in real-world payment flows and financial instruments.
By rolling out new services such as Coinbase Payments and Coinbase Business, the firm is expanding USDC adoption across e-commerce, small business, and derivatives markets.
Coinbase’s Growing Stablecoin Footprint
| Metric | Value | Source |
| USDC Revenue Share (2024) | 42% of total revenue | Bernstein |
| Coinbase Non-Trading Revenue (2024) | $2.8 billion | Bernstein |
| Base Blockchain USDC Settlement Volume YTD | $6.8 trillion | Coinbase |
| USDC Held on Base | $3.7 billion | Coinbase |
| Bernstein Price Target | Coinbase: $510, Circle: $230 | Bernstein |
Strategic Partnerships Fuel Merchant and Derivatives Integration
Coinbase’s partnership with Stripe and Shopify has enabled seamless merchant transactions in USDC. Simultaneously, its collaboration with Nodal Clear allows USDC to be used as collateral in U.S. futures markets — a critical milestone that blends DeFi liquidity with traditional finance.
These partnerships make stablecoin adoption less theoretical and more functional in global payment ecosystems.
USDC Becomes Core to Coinbase’s Revenue Model
Coinbase’s evolution into a stablecoin powerhouse is not just strategic — it’s profitable. Stablecoin-related services accounted for a 42% share of total revenue in 2024, up from just $181 million in 2020. This includes interest income from holding USDC on-platform and shared income for off-platform balances under a revenue-sharing agreement with Circle (CRCL).
“Coinbase now receives 100% of USDC interest income for balances held on-platform, and splits off-platform revenue 50:50 with Circle,” said Bernstein analyst Gautam Chhugani.
This arrangement not only creates recurring yield but also incentivizes Coinbase to scale USDC utility as broadly as possible.
Expanding USDC Use in DeFi and Global Payments
USDC, issued by Circle, remains one of the most trusted dollar-pegged stablecoins globally. Coinbase’s deep integration with USDC reflects its strategic equity stake in Circle and shared interest in making USDC the default stablecoin for decentralized applications.
The Base L2 blockchain, also built by Coinbase, has become a launchpad for USDC utility. In 2025 alone, the chain has processed $6.8 trillion in settlements involving USDC — a staggering figure signaling institutional traction.
Stablecoins Emerge as Primary Growth Engine
Bernstein’s analysis highlights that stablecoins are now a core growth engine for Coinbase. The platform’s move beyond just trading services into infrastructure and financial rails positions it for long-term dominance in crypto-fintech convergence.
“The shift to stablecoin-driven services future-proofs Coinbase’s revenue,” the report states.
Bernstein has issued outperform ratings for both Coinbase ($510) and Circle ($230), reflecting confidence in their business models as digital payments evolve.
Why It Matters
Coinbase is building the next layer of crypto payments infrastructure, much like how Visa and Mastercard shaped global commerce in the 20th century. By anchoring USDC in both consumer platforms and financial markets, Coinbase is establishing a dual-mission strategy — one that delivers yield while enhancing liquidity across decentralized and regulated domains.
This growing role strengthens Coinbase’s competitive moat, especially as stablecoins face heightened regulatory clarity under evolving U.S. frameworks.
