Bloomberg Intelligence: Coinbase's USDC income could rise 2–7x as payments expand

Bloomberg Intelligence said Coinbase's stablecoin income from its USDC arrangement with Circle could increase two to seven times if payment usage accelerates. In Q4 2025, Coinbase reported a $667 million net loss but generated $1.35 billion in stablecoin revenue in 2025, as lawmakers consider curbing customer rewards.