TLDR
- Coinbase shares climbed more than 10% following the introduction of U.S. stock and ETF trading capabilities
- A strategic partnership with Yahoo Finance enables seamless transition from market research to executing trades
- The “Coinbase Premium” indicator shifted to positive territory, reflecting stronger U.S. crypto demand
- Revenue from stablecoins reached $1.35B in 2025, representing a 48% increase from the prior year
- Analysts at Bloomberg suggest USDC revenue potential could expand 2x–7x following GENIUS Act implementation
Coinbase ($COIN) experienced a remarkable Wednesday trading session. Shares climbed toward the $185 mark, registering a 22% increase within a 24-hour period, following the company’s announcement that it had rolled out U.S. stock and ETF trading access to its entire user base.
This development represents a significant milestone in Coinbase’s ambition to create what it calls the world’s premier “Everything Exchange” — a unified platform where customers can execute transactions across both cryptocurrency and conventional equity markets.
As part of the launch strategy, Coinbase established a collaboration with Yahoo Finance. This integration enables users to transition seamlessly from conducting research on Yahoo Finance directly into executing a transaction on Coinbase with just one click.
The new feature provides millions of current Coinbase users the ability to purchase and sell U.S. stocks alongside their digital asset portfolios without needing to use multiple platforms.
Market sentiment received an additional lift from a cryptocurrency market gauge known as the “Coinbase Premium,” which moved into positive territory. Traders monitor this indicator closely as it reflects the appetite of U.S. investors for Bitcoin.
Shares had already appreciated 3.6% in the five days prior, buoyed by a Supreme Court decision that invalidated part of President Trump’s tariff policies. The 6-3 ruling determined that the executive branch cannot impose tariffs without explicit Congressional authorization.
Despite Wednesday’s impressive performance, COIN remains down 23.5% year-to-date. The equity is currently changing hands around $185, substantially below its 52-week peak of $419.78 reached in July 2025.
An investor who allocated $1,000 to Coinbase during its April 2021 public debut would hold approximately $551 in value today.
Stablecoin Revenue Becoming a Bigger Part of the Business
While transaction fees typically dominate the narrative, Coinbase’s income from stablecoins has been steadily expanding. Throughout 2025, the platform earned approximately $1.35 billion from stablecoin-related activities, marking a 48% increase from the $911 million recorded in 2024.
This division now represents 19% of Coinbase’s overall annual revenue.
The revenue stream originates from interest generated on the reserve assets supporting Circle’s USDC stablecoin. These reserves are invested predominantly in U.S. Treasury securities, with Coinbase collecting a portion of the interest earned.
This creates a more predictable income source compared to trading fees, which fluctuate dramatically with cryptocurrency valuations. During Coinbase’s Q4 2025 reporting period, when total revenue declined 20% amid falling crypto prices, stablecoin-related income remained comparatively stable.
GENIUS Act Could Push Revenue Higher
Bloomberg analysts Paul Gulberg and Samuel Radowitz identify the GENIUS Act — enacted in July 2025 — as a potentially transformative catalyst for this income stream.
The legislation creates a federal regulatory structure for stablecoin issuance and supervision, potentially eliminating obstacles to USDC adoption in international payments and merchant transaction processing.
Broader USDC utilization would translate to larger reserve holdings, increased Treasury interest income, and enhanced revenue for Coinbase. The analysts project USDC-related revenue could multiply between two and seven times current levels under optimal circumstances.
Reaching the higher end of that projection depends on whether Coinbase can continue providing customer incentives for maintaining USDC balances. Ongoing discussions surrounding the CLARITY Act may influence these reward programs.
COIN was changing hands near $185 during Wednesday’s trading hours, representing approximately a 22% gain for the session.
