Can Coinbase become less dependent on crypto trading through stablecoins and subscriptions?
Excerpt from the published report · Original language: English
Coinbase is becoming less trading-dependent at the revenue-mix level: subscription and services revenue was $555.1 million in Q2 2026 versus $599.2 million of transaction revenue, with stablecoin revenue of $292 million driven by a record average USDC balance in Coinbase products, and paid Coinbase One subscribers also reached a new all-time high. The diversification thesis is therefore progressing, but investors sh…Selected report sources