Coinbase raises pressure as crypto bill moves to Senate markup

Coinbase encourages users to hold USDC on its exchange by offering 3.5% rewards on their Coinbase One balances, for example. If the market-structure bill bans that incentive, fewer people may hold stablecoins on the exchange, and Coinbase’s total stablecoin revenue - projected to have reached $1.3 billion in 2025, according to Bloomberg data - could potentially decline.For Coinbase, the rewards are an important issue. The exchange and Circle Internet Group Inc. share some interest income generated from the ...