Coinbase is positioning itself as a key driver of USDC adoption across payments and financial services, according to a Bernstein report. The crypto exchange is building USDC infrastructure targeting e-commerce and small businesses, forging strategic partnerships with companies like Stripe, Shopify, and Nodal Clear. This initiative has turned stablecoins into a core revenue stream, with non-trading income climbing to 42% of Coinbase's total revenue in 2024. Coinbase's Base blockchain has facilitated over $3.7 billion in USDC transactions, with a significant settlement volume. Additionally, Coinbase has direct equity in Circle, the USDC issuer, and engages in revenue-sharing agreements regarding USDC. Bernstein maintains an outperform rating for both Coinbase and Circle, highlighting their potential for long-term growth.

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