Coinbase has published its latest Q2 earnings results.
The company has achieved $1.2B in total revenue from March to June (-14% YoY), while incurring a net income loss of $359M due to broader macro conditions.
Its market share of trading volume grew to around 10.3% and with the exception of BTC ETF outflows, the Coinbase onboarded more assets for custody services.
Also, there is a more deliberate attempt to diversify revenue with 88% coming from other services and subscription-based products.
This quarter saw an all-time high in subscribers to the Coinbase One program, which promotes better fees and rewards on assets.
USDC Growth = Coinbase Growth?
In its earnings presentation, as well as a later Q&A with CFO Alesia Haas, CEO Brian Armstrong spoke about several key stablecoin metrics in the last few months of 2026.
Here are the most interesting takeaways:
- Coinbase has held on average of $20B worth of USDC stablecoin across products.
- This number has grown 44% YoY, in spite of recent stablecoin market slowdown.
- Across its platform, around 79% of transactions occur in USDC stablecoin.
- Base network transferred around $32T worth of stablecoin volume in last 12 months.
Aside from continued plans to become the everything exchange, with the team launching products for prediction markets and AI Agents, Coinbase is very long on stablecoins.
When asked from an institutional analyst whether the recent agreement with Circle and Hyperliquid shows that third-party volumes can dictate economics, the team responded that they welcome larger market players from perpetual futures with USDC transactions.
Brian Armstrong mentioned that “we are going to keep investing in USDC to keep growing it”, in reference to the narrative that top stablecoins do have network effects, which will likely only compound further as more participants go onchain.
There is a clear incentive for Coinbase to ensure that USDC takes the number 1 spot “across all categories”, meaning for both regulated and non-regulated market activities.
Indeed, both Brian and Alesia confirmed what was written in the earnings presentation that the agreement with Circle will be renewed in August, meaning that 50% of the economics will continue to go to Coinbase.
Recently, Coinbase launched a stablecoin credit fund with Superstate.
A Multistablecoin World
Alongside these takeaways, there is an important caveat.
The team mentioned that despite their alignment with Circle and USDC stablecoin, there is an effort being made to include other stablecoins, including USDT and PYUSD.
Brian stated that the team was “excited” to be a founding member of OpenStandard’s OUSD stablecoin only a few weeks back, likely because an expanding stablecoin market competition is better for the entire industry, as well as other potential revenue-sharing agreements.
In order to grow their base network for onchain FX, there also needs to be enough liquidity from different local currency stablecoin issuers. This means that as the supply of non-dollar stablecoins increases over time, Coinbase will be adding other assets onto the platform, like the recent announcement with tGBP stablecoin backed by the Pound Sterling.
