Coinbase Q2 Revenue Falls Short as Stablecoin Income Rises
Coinbase Q2 revenue declined to $1.5bn, missing the $1.56–1.59bn forecast as spot trading volumes fell 26%. Adjusted EPS was $0.12, far below the $1.49 estimate.
While transaction revenue slumped, subscription and services revenue fell only 6% to $656m, supported by a 12% rise in stablecoin revenue to $332m. Such weak Coinbase Q2 revenue underscores the importance of stablecoin revenue as a buffer.
The company highlighted regulatory wins—the GENIUS Act and CLARITY Act—and launched its Base App beta with over 700,000 users. It outlined plans for an “everything exchange” featuring tokenized real-world assets and prediction markets.
For Q3, Coinbase forecasts subscription and services revenue of $665m–$745m. Traders should track stablecoin revenue and regulatory developments for signs of market resilience.
Neutral
Despite Coinbase Q2 revenue missing forecasts and transaction revenue falling, the growth in stablecoin revenue indicates underlying resilience. As stablecoins maintain their peg, this news is unlikely to move their prices. In the short term, traders may see increased USDC demand but limited price impact. Over the long term, regulatory clarity and product updates support stablecoin adoption, yet they do not affect stablecoin valuation. Therefore, the price impact on stablecoins remains neutral.