Crypto Exchange Coinbase (COIN) It is moving beyond its role as a USDC distributor, positioning itself as a key driver of the adoption of Stablecoin in payments and financial services, said Bernstein corridor of Wall Street in a research report on Wednesday.
The company recently launched Coinbase Payments, built in collaboration with Stripe and Shopify, and also introduced the Coinbase business, aimed at new companies and smaller companies. Both services use the USDC Stablecoin of Circle.
In derivatives, Coinbase was associated with Nodal Clear to use the USDC as a guarantee in the US futures markets.
The base block base of the Exchange of Crypto has housed more than $ 3.7 billion in USDC and has processed $ 6.8 billion in the volume of liquidation related to the USDC, Bernstein analysts wrote, led by Gautam Chugani.
Coinbase has a direct equity participation in Circle (CRCL)The USDC issuer, and also has an income exchange agreement for Stablecoin.
“According to the new income expectation agreement, Coinbase received 100% of the USDC’s interest revenue maintained directly on its platform, and for the USDC it kept out of silver, coinbase and Circle divided income 50:50,” Chugani said.
The stable are cryptocurrencies whose value is linked to another asset, such as the US dollar or gold. They play an important role in cryptocurrency markets and are also used to transfer money internationally.
Stablecoin’s income has become an important taxpayer to the final result of Coinbase, Chungani continued. Non -commercial revenues grew from $ 181 million in 2020 to $ 2.8 billion in 2024, now represent 42% of total income.
The change underlines the coinbase incentive to climb the usefulness of the USDC through decentralized payments and finance (Defi)Anchoring it as a long -term growth engine beyond trade, the report added.
Bernstein has a higher performance rating both in Coinbase and Circle, with respective price objectives of $ 510 and $ 230.
Read more: Coinbase is the most misunderstood business in Crypto, says the analyst with the best price of the Wall Street price
