Bloomberg Sees Coinbase USDC Revenue Growing Sevenfold
A report from Bloomberg Intelligence, published on February 24, 2026, projects that Coinbase's revenue derived from the USDC stablecoin could increase by as much as seven times its current level. This forecast is not based on existing market trends but on the potential for significant regulatory changes in the United States. A legislative shift could fundamentally alter how revenue is generated within the stablecoin ecosystem, creating a new opportunity for the exchange.
Proposed Reward Ban to Reshape Stablecoin Economics
The primary catalyst for this potential revenue growth is a proposed U.S. Congressional ban on stablecoin rewards. Currently, a large part of the stablecoin economy relies on users earning interest or other rewards on their holdings. The proposed legislation would eliminate this model, compelling stablecoin issuers and the platforms that support them to pivot their business strategies. This forces a transition away from generating income through interest-bearing products toward a model based on transaction and payment-processing fees.
Coinbase Positioned to Capture Payment-Fee Market
This regulatory pivot could be highly advantageous for Coinbase. As the stablecoin market's primary function shifts from a yield-generating instrument to a pure payment mechanism, Coinbase's established infrastructure is well-positioned to capture significant fee-based revenue. Analysts noted in the report that this change would be a bullish development for Coinbase's stock (COIN), as it plays directly to the company's strengths in processing transactions and would solidify its leadership role in the regulated digital currency landscape.
