Crypto Exchange Coinbase (COIN) Trin beyond its role as a USDC distributor, positioning itself as a key engine for the adoption of Stablecoin through payments and financial services, Wall Street broker said in a research report on Wednesday.
The company recently launched Coinbase payments, built in collaboration with Stripe and Shopify, and also introduced Coinbase affairs, targeting startups and small businesses. The two services use the Stablecoin USDC of Circle.
In derivatives, Coinbase has teamed up with Nodal Clear Use the USDC as a warranty on American term markets.
The basic blockchain of Crypto Exchange welcomed more than $ 3.7 billion in USDC and treated 6.8 billions of dollars in the regulation volume linked to the USDC, wrote analysts from Bernstein, led by Gautam Chhugani.
Coinbase has direct participation in Circle (CRCL)The USDC transmitter, and also has a revenue sharing agreement for Stablecoin.
“By virtue of the new income sharing agreement, Coinbase received 100% of USDC interest income held directly on its platform, and for the USDC held, Coinbase and Circle have divided income 50:50,” said Chhugani.
Stablecoins are cryptocurrencies whose value is linked to another asset, such as US dollar or gold. They play a major role in the cryptocurrency markets and are also used to transfer money internationally.
The revenues of the Stablescoin has become a major contributor to the net profit of Coinbase, continued Chhugani. Non -stock market income increased from $ 181 million in 2020 to $ 2.8 billion in 2024, now representing 42% of total income.
The change underlines the incentive of Coinbase to evolve the usefulness of the USDC between payments and decentralized finance (Challenge)Anchoring it as a long-term growth engine beyond trade, added the report.
Bernstein has an outperformance note on Coinbase and Circle, with respective price objectives of $ 510 and $ 230.
Find out more: Coinbase is the most poorly understood company in crypto, explains the analyst with the highest price of Wall Street
