An analysis of Coinbase’s earnings shows that the company successfully surpassed Circle's USDC revenues in Q1 2025.
Coinbase Earnings from USDC
Coinbase earned $300 million from its partnership with Circle and involvement in the USDC ecosystem in the first quarter of 2025, surpassing Circle's reported revenue of $230 million during the same period.
Market Impact and Revenues
These earnings underscore Coinbase's strategic positioning in the stablecoin market, contributing to a 39% increase in USDC balances on the Coinbase platform, reaching $41.9 billion. Despite high earnings, JPMorgan maintains a neutral rating on Coinbase’s stock.
Future Perspectives
Forecasts indicate a potential increased reliance on USDC liquidity, which may enhance trading volume and on-chain integration within the DeFi ecosystem. Coinbase Co-founder and CEO Brian Armstrong stated: 'We continue to see strong momentum in our USDC business, with balances up 39% quarter-over-quarter to $41.9 billion.'
Coinbase demonstrates robust growth in the stablecoin segment, yet the market remains cautious in evaluating its stock.