pyusd at $3.94b with 21% on solana but growing 4x faster than ethereum. kamino offering $190m pyusd borrowable below 5% apy against sol. lowest stablecoin borrow rate on the chain. paypal made solana the default payment network and nobody built the position yet. track when solana share crosses 30%. that's when the liquidity loop actually forms. ...

Financial Data and Key Metrics Changes - In 2025, total revenue reached $7.2 billion, a 9% year-over-year increase [14] - Subscription and services revenue hit $2.8 billion, up 23% year-over-year, and more than 5.5 times higher than the peak in 2021 [14][16] - Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter [17] - Q4 transaction revenue was $983 million, down 6% quarter-over-quarter, while subscription and services revenue was $727 million, down 3% quarter-over-quarter [18] - Adjusted EBITDA in Q4 was $566 million, and adjusted net income was $178 million [19] - The company ended the year with $11.3 billion in cash and cash equivalents, and total available resources of approximately $14.1 billion [20] Business Line Data and Key Metrics Changes - The company has 12 products generating over $100 million in annualized revenue, with half of those exceeding $250 million [17] - Subscription and services revenue reached all-time highs, up 5.5 times from the peak in 2021 [16] - Derivatives volume and revenue hit all-time highs in Q4, indicating strong growth in this segment [9] Market Data and Key Metrics Changes - Global trading volume and market share doubled year-over-year, reaching new all-time highs [3] - The crypto market cap was down 11% quarter-over-quarter, but the company outperformed the market on total trading volume [16] Company Strategy and Development Direction - The company aims to grow the Everything Exchange, which integrates various asset classes including crypto, equities, and commodities [8] - Focus on scaling stablecoins and payments, with USDC reaching an all-time high market cap of about $75 billion [10] - The strategy includes bringing the world on-chain, emphasizing DeFi and self-custodial wallets [12] - The company plans to continue investing in its product offerings and expanding its market presence internationally [4][10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about regulatory clarity and the growth of crypto adoption [3] - The company is prepared for market volatility and has diversified its revenue streams [16] - Management believes that stablecoins will become the default payment method for AI agents [11] - The company is confident in its ability to drive growth through its diversified revenue base and strong balance sheet [23] Other Important Information - The company has repurchased $1.7 billion of its common stock to offset dilution from stock-based compensation [20] - The company is exploring a Base token and improving developer tools to incentivize builders on the Base platform [28] Q&A Session Summary Question: Are you making any headway on positive outcomes regarding the CLARITY Act? - Management is optimistic about progress on the CLARITY Act and believes there is a good path to a positive outcome [24] Question: What percentage of overall subscription and services revenue do you expect Layer 2 activity from Base to contribute in 2026? - Base revenue is monetized both directly and indirectly, but no specific forecast was provided [26] Question: What product or platform initiative are you most excited about that investors may be underestimating today? - Management highlighted the Everything Exchange and stablecoin payments as key initiatives with significant growth potential [29] Question: Could your economic relationship with Circle change depending upon language in a market structure bill? - Management does not foresee any changes to the economic relationship with Circle due to the market structure legislation [34] Question: How does Coinbase think about the opportunities in larger scale buybacks and M&A? - The company is focused on buybacks and opportunistic M&A, having completed 10 acquisitions in 2025 [37] Question: Can you talk about your 2026 spending plans? - The company plans to maintain flat expenses in Q1 2026 while being nimble in response to market conditions [44] Question: Was the Coinbase issue just a tech mishap and not a more severe issue? - A technical issue caused brief interruptions for some users, but trading remained unaffected [48] Question: How should we think about the strength of the casual crypto trader in this winter? - Retail consumers tend to hold through price declines and are currently net buyers [67]

Financial Data and Key Metrics Changes - Total revenue for 2025 was $7.2 billion, a 9% year-over-year increase [15] - Subscription and services revenue reached $2.8 billion, up 23% year-over-year, and more than 5.5 times higher than the peak in 2021 [15][19] - Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter [18] - Q4 transaction revenue was $983 million, down 6% quarter-over-quarter, while subscription and services revenue was $727 million, down 3% quarter-over-quarter [19] - Adjusted EBITDA in Q4 was $566 million, and adjusted net income was $178 million [20] Business Line Data and Key Metrics Changes - The company has 12 products generating over $100 million in annualized revenue, with half of those exceeding $250 million [15][18] - Subscription and services revenue hit all-time highs, up 5.5 times from the peak in 2021 [7] - Derivatives volume and revenue reached all-time highs in Q4 [10] Market Data and Key Metrics Changes - Global trading volume and market share doubled year-over-year, reaching new all-time highs [4] - The crypto market cap was down 11% quarter-over-quarter [16] - USDC market cap reached an all-time high of about $75 billion [11] Company Strategy and Development Direction - The company aims to grow the Everything Exchange, which integrates various asset classes including crypto, equities, and commodities [8][10] - Focus on scaling stablecoins and payments, with plans to expand stablecoin utility and payment infrastructure [11][12] - Emphasis on bringing the world on-chain, promoting decentralized technology and self-custodial wallets [13] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about regulatory clarity and the growth of crypto adoption [4][25] - The company is prepared for market volatility and has diversified its revenue streams [17][23] - Management believes that stablecoins will become the default payment method for AI agents [12] Other Important Information - The company ended the year with $11.3 billion in cash and cash equivalents, and total available resources of approximately $14.1 billion [21] - The company has repurchased $1.7 billion of its common stock to offset dilution from stock-based compensation [21] Q&A Session Summary Question: Are you making any headway on positive outcomes regarding the CLARITY Act? - Management is optimistic about progress on the CLARITY Act and appreciates the efforts of the Senate and administration [24][25] Question: What percentage of overall subscription and services revenue do you expect Layer 2 activity from Base and partners to contribute in 2026? - Base revenue is monetized both directly and indirectly, but no specific forecast was provided [27] Question: What product or platform initiative are you most excited about that investors may be underestimating today? - Management highlighted the Everything Exchange and stablecoin payments as key initiatives [30][32] Question: Could your economic relationship with Circle change depending upon language in a market structure bill? - Management does not foresee changes in the economic relationship with Circle due to market structure legislation [36] Question: How does Coinbase think about the opportunities in larger scale buybacks and M&A? - The company is focused on buybacks and opportunistic M&A, having completed 10 acquisitions in 2025 [39] Question: Can you talk about your 2026 spending plans? - The company plans to maintain flat expenses in Q1 2026 while being nimble in response to market conditions [47] Question: Was the Coinbase issue just a tech mishap and not a more severe issue? - A technical issue caused brief interruptions for some users, but it was unrelated to trading volume or market conditions [49] Question: How should we think about the strength of the casual crypto trader in this winter? - Retail consumers tend to hold through price declines and are currently net buyers [68]

It's been a rough start to this year for this company. But I have to imagine when you pass through some of the fourth quarter numbers when it comes to transactions and revenue, that given the slump that we've seen across crypto, maybe this wasn't too surprising. Well, it shouldn't have been surprising.I mean, there's quite a bit of transparency with regard to spot trading volumes in particular and across its whole platform. So, you know, we had anticipated that the fourth quarter numbers would be soft. But ...

Core Insights - Coinbase reported a surprise quarterly loss of $666.7 million, or $2.49 per share, for the three months ended December 31, contrasting with analysts' expectations of a profit of 55 cents per share [2][3] - The cryptocurrency exchange experienced a significant decline in trading volumes, with transaction revenue dropping to $982.7 million from $1.56 billion a year earlier, primarily due to a more than 45% decrease in consumer transaction revenue [2][3] - The overall sentiment in the cryptocurrency sector remains downbeat, impacting trading activities and leading to a broader digital-asset selloff [1][2] Financial Performance - The loss marked Coinbase's first quarterly deficit since Q3 2023, attributed to weaker trading volumes amid a digital asset market downturn [1][2] - Bitcoin's value has nearly halved since its peak on October 6, contributing to the decline in trading activity [3] - Despite the losses, Coinbase's subscription and services revenue increased by 13.5% to $727.4 million, supported by growth in stablecoin operations [5][6] Market Dynamics - Investors withdrew significant amounts from spot bitcoin ETFs, with withdrawals totaling $7 billion in November, $2 billion in December, and over $3 billion in January, which negatively affected market sentiment [4] - The company's stock is down nearly 40% this year, although it saw a 1.2% increase in volatile extended trading following the earnings report [4] Stablecoin Operations - Stablecoin revenue rose to $364.1 million from $225.9 million, indicating a shift towards more stable revenue sources [5][6] - The diversification into stablecoins is seen as a strategy to mitigate revenue volatility, reducing reliance on cryptocurrency trading revenues [6][7] - Coinbase generates revenue from USDC held on and off its platform through a partnership with Circle, earning interest on the U.S. dollar reserves backing the stablecoin [7]

75% of Gen Z want stablecoin pay90% of C-Suite Execs have programs live or planned54% of Companies not yet using stablecoins expect to start within 12 monthsStablecoin payroll has gone from an edge case to a priority.It's happening now, with @usetoku on Sei. https://t.co/17tejKo2rV ...

RT CryptoBizzle (@CryptoBizzle)Fairshake affiliate Protect Progress is earmarking $1.5 million to oppose Rep. Al Green in Texas’ Democratic primary, citing his votes against major crypto market structure and stablecoin bills.Green has also dismissed claims regulators pushed banks to cut ties with crypto firms, previously calling Operation Choke Point 2.0 a “made-up statement.”Read more 👇 ...

RT ADI Chain (@ADIChain_)The UAE Dirham is now live on ADI Chain.Initiated by @ihc__official and First Abu Dhabi Bank (@FABConnects), approved and licensed by @centralbankuae, the DDSC stablecoin is backed 1:1 by UAE Dirham reserves.DDSC is hosted exclusively on ADI Chain’s compliance-ready blockchain infrastructure.What sets this launch apart is the ecosystem behind it:• International Holding Company, one of the largest investment companies in the world, enables regional distribution across 1,300+ subsidia ...

@ethena @DeepBookonSui https://t.co/TSGTKImoAHScallop (@Scallop_io):✨SCALLOP POOL LISTING - suiUSDeWe are thrilled to announce that suiUSDe powered by @ethena is now LIVE on Scallop Lending Pools!Powered by Ethena, suiUSDe is Sui’s whitelabel stablecoin providing yield from the ETH basis trade!Supply suiUSDe on Scallop Now: https://t.co/r0gD2QhfV5 ...

@ethena @DeepBookonSui https://t.co/1ryBGmh97FPyth Network 🔮 (@PythNetwork):Liquidity that flows 💧The suiUSDe price feed, a native yield-bearing stablecoin built in partnership with the @SuiNetwork and @Ethena, is live on a 100+ blockchains. https://t.co/crKYctQT0r ...