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Executive Summary
- Stablecoin-as-a-service is moving payments from experimentation to production.
- Coinbase is productizing USDC payments for merchants and enterprises at scale.
- Distribution, regulation, and reserve economics form Coinbase’s first-mover moat.
- Revenue is driven by volume, on-platform balances, and reserve yield sharing.
- Execution risks remain: liquidity shocks, banking exposure, and regulation.
- Success would position Coinbase as core payments infrastructure, not a crypto exchange.
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