TLDR
- Coinbase jumped over 10% after launching U.S. stock and ETF trading for all users
- The platform partnered with Yahoo Finance to streamline research-to-trading
- The “Coinbase Premium” turned positive, signaling improved crypto market sentiment
- Stablecoin revenue hit $1.35B in 2025, up 48% year-over-year
- Bloomberg analysts say USDC-related revenue could grow 2x–7x under the GENIUS Act
Coinbase ($COIN) had a big Wednesday. The stock surged toward $185 during the session, marking a 22% gain in 24 hours, after the company announced the official launch of U.S. stock and ETF trading for all users.
The move is a key step in Coinbase’s stated goal of becoming the world’s first “Everything Exchange” — a single platform where users can trade both crypto and traditional equities.
To support the launch, Coinbase partnered with Yahoo Finance. The tie-up lets users move directly from research on Yahoo Finance into a trade on Coinbase in a single click.
The rollout allows millions of existing Coinbase customers to buy and sell U.S. equities alongside their crypto holdings without switching platforms.
Investor confidence also got a boost from a crypto market indicator called the “Coinbase Premium,” which turned positive. This metric is watched closely as a sign of U.S. buyer demand for Bitcoin.
The stock had gained 3.6% just five days earlier, following a Supreme Court ruling that struck down a portion of President Trump’s tariff agenda. The 6-3 decision found the executive branch lacks authority to impose tariffs without Congressional involvement.
Despite Wednesday’s rally, COIN is still down 23.5% since the start of the year. The stock is trading at roughly $185, well below its 52-week high of $419.78 set in July 2025.
Someone who put $1,000 into Coinbase at its April 2021 IPO would have about $551 today.
Stablecoin Revenue Becoming a Bigger Part of the Business
While trading fees grab headlines, Coinbase’s stablecoin revenue has been quietly growing. In 2025, the company generated an estimated $1.35 billion from stablecoin-related income, up 48% from $911 million in 2024.
That segment now accounts for 19% of Coinbase’s total annual revenue.
The income comes from interest earned on the reserves backing Circle’s USDC stablecoin. Those reserves sit primarily in U.S. Treasuries, and Coinbase receives a cut of the yield.
This makes stablecoin revenue more stable than trading fees, which swing sharply with crypto prices. When Coinbase’s Q4 2025 revenue dropped 20% during a crypto price decline, stablecoin income held relatively steady.
GENIUS Act Could Push Revenue Higher
Bloomberg analysts Paul Gulberg and Samuel Radowitz say the GENIUS Act — signed into law in July 2025 — could be a major catalyst for this revenue stream.
The law establishes a federal framework for stablecoin issuance and oversight, potentially removing barriers to USDC adoption in cross-border payments and merchant settlements.
Wider USDC use would mean more reserves, more Treasury yield, and more revenue for Coinbase. The analysts estimate USDC-related revenue could grow between two and seven times its current level under favorable conditions.
The upper end of that range depends on whether Coinbase can keep offering customer rewards for holding USDC. Negotiations around the CLARITY Act could affect those programs.
COIN was trading near $185 during Wednesday’s session, up roughly 22% on the day.
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