Opinion: Coinbase's stablecoin revenue is expected to increase sevenfold under the GENIUS Act.

Bloomberg Intelligence reports that Coinbase is actively lobbying in Washington to retain its key stablecoin revenue stream. According to BI analysts Paul Gulberg and Samuel Radowitz, Coinbase's stablecoin revenue could grow two to seven times under the GENIUS Act, which President Trump is expected to sign in July 2025, should payment adoption accelerate. Currently, the act prohibits stablecoin issuers from paying interest or yield to holders, and a draft bill under negotiation may further prohibit exchanges from offering rewards pegged to stablecoin balances. This could impact Coinbase's profits from its USDC revenue-sharing agreement with Circle. Coinbase's stablecoin revenue is projected to reach $1.35 billion in 2025, representing 19% of its total revenue. CEO Brian Armstrong stated last week that a "way forward" has been found, adding that even with the ban on paying yield to customers, the company can still retain economic benefits from Circle, thereby improving profit margins.