Coinbase stablecoin revenue could grow two to seven times under the Genius Act if stablecoin adoption in payments accelerates. Stablecoin revenue comprised about 19% of Coinbase’s 2025 revenue. The Genius Act would ban paying interest directly to token holders and may limit exchanges from offering stablecoin rewards, potentially affecting Circle revenue-sharing agreements. CEO Brian Armstrong has argued that prohibiting yield to customers could improve Coinbase’s profitability by keeping more economics from the Circle agreement rather than passing yield to users.
Analysts say stablecoin adoption could drive meaningful revenue growth for Coinbase under the Genius Act, though the policy’s restrictions on yield could reshape profitability and Circle deals. If the framework accelerates USDC payments, Coinbase could capture a larger portion of the economics, but exchanges may need to adjust rewards structures and incentives in response to regulatory limits.
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