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Coinbase is cultivating its stablecoin payments business as a key growth driver to reduce its reliance on cryptocurrency trading fees, according to Bloomberg TV. In an interview with Bloomberg TV, Coinbase CEO Brian Armstrong said the stablecoin market could grow tenfold by 2030 and added that as payment volumes rise, the business could become an important revenue source for Coinbase.
According to Bloomberg Intelligence, stablecoin-related revenue accounted for about 24% of Coinbase’s total revenue in the second quarter, up from 22% in the previous quarter. Coinbase shares related revenue with USDC issuer Circle, and Armstrong said Coinbase receives more than half of the revenue generated from USDC.