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Coinbase is Driving Adoption of Circle's USDC for Payments, Financial Services: Bernstein

2025-07-02 17:15:24

Coinbase is Driving Adoption of Circle's USDC for Payments, Financial Services: Bernstein

Main Idea

Coinbase is actively promoting the adoption of Circle's USDC stablecoin for payments and financial services, leveraging partnerships and its Base blockchain to drive significant transaction volumes.

Key Points

1. Coinbase is expanding its role beyond a crypto exchange to advocate for USDC in payments and financial services, according to Bernstein analysts.

2. Coinbase partnered with Nodal Clear to use USDC as collateral in U.S. futures markets.

3. Coinbase's Base blockchain has hosted over $3.7 billion in USDC and processed $6.8 trillion in USDC-related settlement volume year-to-date.

4. Coinbase has a direct equity stake in Circle and a revenue-sharing agreement for USDC, receiving 100% of off-platform revenue and splitting on-platform revenue 50:50 with Circle.

5. Non-trading revenue at Coinbase grew from $181M in 2020 to $2.8 billion in 2024, now accounting for 42% of total revenue, highlighting the importance of scaling USDC utility.

Description

Crypto exchange Coinbase (COIN) is moving beyond its role as a USDC distributor, positioning itself as a key driver of stablecoin adoption across payments and financial services, Wall Street broker Bernstein said in a research report Wednesday. The company recently launched Coinbase Payments , built in collaboration with Stripe and Shopify, and also introduced Coinbase Business , targeting startups and smaller companies. Both services use Circle's USDC stablecoin. In derivatives, Coinbase partne...

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