Coinbase's Q2 earnings report may show a change in revenue sources, as interest income from its partnership with Circle's USDC stablecoin could surpass transaction fees as its top earner. In Q1 2021, transaction fees made up 86% of Coinbase's revenue, but only 46% in Q1 2022, with subscriptions and services taking a larger share. This shift is attributed to falling digital asset prices and rising interest rates, which have boosted Coinbase's interest income from USDC reserves. However, the decline in USDC's market cap may offset these gains. Experts suggest that the increase in rates may balance out the decrease in USDC, but it is uncertain how much of it is due to Coinbase and Circle. Additionally, Coinbase may regain transaction revenue if there is a surge in interest and they remain the preferred platform for new users and institutions.
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Coinbase's Q2 earnings report shows shift in revenue streams towards interest income from USDC stablecoin issuer Circle
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