智通财经网·2026-02-23 22:22Core Viewpoint - Coinbase is intensively lobbying in Washington to preserve a key revenue source, with analysts suggesting that stablecoin-related revenue could potentially increase to seven times its current scale by 2025 [1][2]. Group 1: Revenue Potential - Stablecoin-related revenue is projected to account for approximately 19% of Coinbase's total revenue by 2025, amounting to $1.35 billion, up from $911 million in the previous year, representing a 48% year-over-year growth [1][2][3]. - The expansion of stablecoin revenue is contingent on favorable terms in the final crypto legislation, which could significantly influence the revenue growth trajectory [2]. Group 2: Legislative Context - The "Genius Act" prohibits stablecoin issuers from paying interest or yields to holders, and ongoing legislative discussions may impose further restrictions on platforms like Coinbase, affecting their revenue-sharing arrangements with issuers like Circle [1][2]. - The banking lobby argues that allowing platforms to pay interest on stablecoin balances could divert low-yield deposits from banks, potentially disrupting financial stability [2]. Group 3: Market Dynamics - Despite a 20% year-over-year decline in total revenue to $1.8 billion in Q4, which exceeded expectations, stablecoin income remains a crucial growth engine for Coinbase [3]. - Analysts from Benchmark Co. maintain a "buy" rating for Coinbase, suggesting that if the company is prohibited from distributing yields to customers, it could enhance profitability [3].