Viewpoint: Coinbase's Stablecoin Revenue Could Grow Sevenfold Under the GENIUS Act

Odaily News Bloomberg Intelligence reports that Coinbase is actively lobbying in Washington to preserve its crucial stablecoin revenue stream. According to an assessment by BI analysts Paul Gulberg and Samuel Radowitz, if payment adoption accelerates, Coinbase's stablecoin revenue could potentially grow two to seven times under the framework of the GENIUS Act, which President Trump signed in July 2025.

The current bill prohibits stablecoin issuers from paying interest or yields to holders, and the draft legislation under negotiation could further ban exchanges from offering rewards tied to stablecoin balances. This may impact the profits Coinbase derives from its revenue-sharing agreement with Circle for USDC. Coinbase's stablecoin revenue for 2025 was $1.35 billion, accounting for 19% of its total revenue. CEO Brian Armstrong stated last week that a "path forward" has been identified, claiming that even if paying yields to customers is prohibited, the company could still retain the economic benefits from Circle, thereby improving its profit margins.