Bloomberg Intelligence stated Coinbase’s stablecoin income, which is tied to its USDC income share with Circle and was 19% of complete income in 2025, could improve two to seven instances if USDC adoption in funds accelerates.
That determine comes regardless of reporting a web lack of $667 million within the fourth quarter of 2025. In response to Coinbase’s This autumn 2025 shareholder letter, the corporate netted about $1.35 billion in stablecoin income final 12 months.
That determine was up from $911 million in 2024, with $364 million in stablecoin income in This autumn 2025 alone, as curiosity revenue on USDC (USDC) balances grew to become a high-margin line for the trade, in contrast with risky buying and selling charges.
Stablecoins themselves have gone mainstream in utilization phrases. Complete stablecoin transaction quantity hit a file $33 trillion in 2025, with USDC accounting for about $18.3 trillion of that, forward of Tether’s USDt (USDT) by transaction worth, though Tether leads in market cap.
Politics of stablecoin yield
That development is strictly why the politics round stablecoin yield have turn into so fraught. The Guiding and Establishing Nationwide Innovation for US Stablecoins (GENIUS) Act, signed by US President Donald Trump in July 2025, created a federal regime for fee stablecoins and explicitly bars issuers from paying curiosity or yield to holders.
Associated: Who will get the yield? CLARITY Act turns into combat over onchain {dollars}
That provision is backed by the banking foyer as a result of yield‑bearing stablecoins might siphon deposits from the normal system.
Banks and their allies now wish to go additional within the Senate’s Digital Asset Market Readability (CLARITY) Act of 2025 negotiations by closing what they see as a loophole that also permits non‑issuer associates, similar to exchanges like Coinbase, to go a number of the curiosity on reserves again to clients as “rewards.”
Draft Senate language of the market construction invoice might lengthen the yield ban and stop Coinbase from providing any rewards tied to stablecoin balances.
In January, Coinbase withdrew assist for the invoice after objecting to provisions that may prohibit its capability to supply stablecoin rewards to clients.
Coinbase earns a share of curiosity revenue from USDC reserves by its partnership with Circle, and the businesses cut up that income based mostly on USDC distribution.
Paradoxically, Armstrong advised traders that if Congress bans rewards, the corporate would preserve extra of the Circle income share, making the stablecoin line extra worthwhile, regardless of customers shedding out on yield.
Cointelegraph reached out to Coinbase however had not obtained a response by publication time.
What’s subsequent for CLARITY?
The CLARITY Act, which bundles a Commodity Futures Buying and selling Fee (CFTC) and Securities and Change Fee (SEC) cut up with more durable language on third‑celebration stablecoin yield, is at present working its manner by the Senate.
Senator Bernie Moreno has stated he anticipated the CLARITY Act to clear Congress as quickly as April.
With stablecoins already accounting for nearly a fifth of Coinbase’s income and onchain greenback volumes hitting file highs, the eventual form of these yield guidelines could matter extra for Coinbase’s enterprise mannequin than the subsequent crypto value cycle.
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