Mizuho said shifting Fed expectations may matter more for Circle’s valuation multiple than for near-term revenue.
Barclays has previously invested in stablecoin settlement infrastructure and consortium efforts, signaling an infrastructure-first approach rather than direct token issuance.
Circle’s expanding role in infrastructure is starting to contribute incremental, higher-margin revenue beyond reserve income.
Cryptocurrency exchange Coinbase (COIN) could be one of the biggest corporate beneficiaries of the United States’ first comprehensive crypto legislation, the GENIUS Act, which was signed into law in July 2025 and established a federal framework for stablecoin issuance and oversight. Coinbase Stablecoin Revenue Jumps 48% According to Bloomberg analysts Paul Gulberg and Samuel Radowitz, the new framework may significantly strengthen Coinbase’s fast-growing stablecoin business, particularly if adoption of dollar-backed tokens expands into mainstream payments. Related Reading: Bitcoin May Be In A Price Slump—But Adoption Is In A Bull Market In 2025, Coinbase generated an estimated $1.35 billion in revenue tied to stablecoins, a 48% increase from $911 million in 2024. That segment represented 19% of the company’s total annual revenue, underscoring how important stablecoins have become to the exchange’s overall business model. Unlike trading fees, which tend to rise and fall sharply alongside crypto market volatility, stablecoin-related income is derived from interest earned on reserves backing Circle’s USDC. Those reserves are primarily invested in US Treasuries and other low-risk instruments, producing yield. Coinbase receives a significant share of that interest income, making the business more predictable and generally higher margin than transaction-based revenue. The importance of this revenue stream became particularly evident in late 2025. During a period when Bitcoin (BTC) and broader crypto prices declined sharply, and Coinbase’s fourth-quarter revenue dropped 20%, income generated from stablecoins remained comparatively stable. Paul Gulberg and Samuel Radowitz argue that this consistency could become even more meaningful if regulatory clarity accelerates broader USDC adoption. GENIUS Act Expected To Accelerate USDC Growth The GENIUS Act is central to that outlook. By providing a national regulatory structure for stablecoin issuers, the legislation could remove barriers that have limited the use of USDC in areas such as cross-border payments and merchant settlements. If businesses and financial institutions adopt stablecoins more widely for real-world transactions, the overall supply of USDC could expand substantially. An increase in USDC circulation would require additional reserves to back those tokens, which in turn would generate more interest income from the underlying Treasury holdings. Because Coinbase shares in that yield, greater adoption directly translates into higher potential revenue. Bloomberg analysts estimate that under favorable conditions, Coinbase’s USDC-related revenue could grow by two to seven times its current level. Related Reading: Expert Forecasts $5 Trillions Pouring Into Crypto Post CLARITY Act Passage Yet, reaching the upper end of that projection depends on whether Coinbase can continue offering rewards to customers who hold USDC. If customer reward mechanisms remain in place, analysts believe USDC adoption could accelerate more rapidly. However, even if those programmes are limited or scaled back in the ongoing negotiations on the CLARITY Act, the clearer regulatory environment created by the GENIUS Act is still expected to support meaningful growth in stablecoin usage. At the time of writing, the exchange’s stock, trading under the ticker name COIN, surged towards $185 during Wednesday’s trading session, marking a 22% increase in the 24-hour time frame. Featured image from OpenArt, chart from TradingView.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Circle shares surged 30% to around $80 after earnings, extending pre-market gains as analysts pointed to stronger-than-expected margins.
TBD, co-founded by former dYdX team members, has raised $3 million in a seed round co-led by CMT Digital and ParaFi.
Circle reported $770 million in Q4 revenue and reserve income as USDC circulation reached $75.3 billion and issued 40% CAGR guidance.
Project 0's new Pay feature offers a way for users to pay off their credit cards by borrowing against their crypto investment portfolios.
Growth of tether and other top stablecoins has stalled, posing risk to the broader crypto market.
Standard Chartered said stablecoin growth could generate up to $1 trillion in new T-bill demand by 2028, potentially reshaping issuance.
IQMM follows the GENIUS Act’s 93-day Treasury requirement, effectively narrowing reserve management to short-term government paper.
Eligible U.S. users, excluding those in New York, can now borrow up to $100,000 in USDC without selling the four tokens, Coinbase said.
TON Foundation and Banxa have partnered to enable stablecoin payments for APAC merchants using TON infrastructure.
Stablecoin use in everyday spending, cross-border work, and savings allocation is growing rapidly among crypto-savvy consumers.
Dreamcash said Tether made a strategic investment in the project in the wake of its 10 RWA perps deployments.
Zerohash has added support for the Monad blockchain and USDC on Monad to its crypto infrastructure platform.
Stripe launched x402-based USDC agent payments on Base as CoinGecko enabled $0.01 pay-per-request crypto data access.
Circle Ventures has invested an undisclosed sum in decentralized trading platform edgeX ahead of the project’s planned token launch.
The crypto market has entered a fragile phase as Bitcoin dropped under the critical $70,000 level and bounced off $60,000, a zone that has increasingly acted as a gravitational pull rather than a launchpad. This subdued price action came as the stablecoin market has surged, with Tether and Circle minting billions of dollars’ worth of […]
The post Did Tether and Circle’s $3 billion token minting spree protect Bitcoin from losing $60k? appeared first on CryptoSlate.
Bridged USDC.e currently supports the onchain prediction market's trading activity, order placement, and settlements.
YC's Nemil Dalal told The Block that funding will be in USDC across major blockchain networks, including Ethereum, Base, and Solana.
NYAG Letitia James and other top prosecutors in the state are raising concerns over the recently enacted GENIUS stablecoin law.
On Jan. 30, Cardano founder Charles Hoskinson announced that he has signed an integration agreement to bring USDCx, a Circle-linked stablecoin product, to the Cardano ecosystem. The infrastructure move represents a strategic effort to lower the network’s DeFi growth ceiling by establishing a sustained, reliable flow of on-chain dollar liquidity. In a social media post […]
The post Cardano secures $70B liquidity injection that finally solves the network’s biggest missing piece for investors appeared first on CryptoSlate.
The stablecoin is backed by USD reserves held in financial institutions such as Emirates NBD, Mbank, and Mashreq.
USDC leads the decline in the market cap of top stablecoins, posing risk to crypto market valuations.
Standard Chartered has estimated that up to $500 billion could exit U.S. bank deposits for stablecoins by 2028.
Stablecoins are increasingly used for payments and settlement rather than trading, pushing crypto deeper into everyday financial workflows.
The regulatory debate has narrowed to rewards, as lawmakers weigh how incentives around stablecoins could affect bank deposits.
Makina Finance’s DUSD/USDC pool lost approximately $5 million in a flash loan exploit, security firms reported.