Zacks Investment Research
07 Oct 2026, 18:31 UTC · 2h ago
Can USDC Adoption Reshape Coinbase's Long-Term Growth Profile?
Impact · against what's priced in
The report provides evidence of strong USDC growth, but the market has already largely integrated this trajectory into its valuations. While these figures validate the bullish case for Coinbase's subscription revenue, they do not represent a new catalyst for either Coinbase or Circle.
- COIN+0.15
Challenges what's priced in
- The price assumes
A durable expansion of the Subscription and Circulation segment — particularly Stablecoin revenue growing near 48% — into a high-margin annuity
The record $20 billion in USDC held in Coinbase products (up 44% YoY) provides concrete data supporting the high-margin annuity growth that the market currently declines to price in.
What COIN's price assumes · Sep 11
