Coinbase executive predicts stablecoins will surpass fiat volume in 5 years

The exchange's Layer-2 network Base already processes 62% of global onchain stablecoin transactions, positioning Coinbase as the central player in a multi-trillion-dollar shift

by Editorial Team

Fri 10 Jul 2026 · 13:07 EDT 2 min read

In Finance

Coinbase Global, Inc. (COIN) price

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Last close: $161
Close-to-close change: +0.9%
Market cap: $42.5B (shares as of 2026-06-30)
P/E (trailing): Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue: $7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth: +9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income: 1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin: 20.0% (FY ended 2025-12-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 27, 2026 · tokenized COINx	$161	$42.5B	Not meaningfulLoss, diluted EPS −3.79 to 2026-06-30 · SEC filing	Unavailable	$7.2BFY ended 2025-12-31 · 10-K	+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 27, 2026 · tokenized MSTRx	$141	Unavailable	Not meaningfulLoss, diluted EPS −96.98 to 2026-06-30 · SEC filing	Unavailable	$477.2MFY ended 2025-12-31 · 10-K	+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K	−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 27, 2026 · tokenized CRCLx	$82	Unavailable	16.3	Unavailable	$2.7BFY ended 2025-12-31 · 10-K	+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−69,508,000FY ended 2025-12-31, attributable to the company · 10-K	−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 27, 2026 · tokenized BMNRx	$22	$13.0B	Not meaningfulLoss, diluted EPS −4.50 to 2026-05-31 · SEC filing	Unavailable	$6.1MFY ended 2025-08-31 · 10-K	+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 27, 2026, 8:36 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

A senior Coinbase executive has forecast that stablecoin transfer volumes will overtake traditional fiat payment volumes by roughly 2031. Stablecoin adjusted transfer volumes hit $719 billion in December 2024 alone, pushing the annual total to $27.6 trillion. That figure already exceeded the combined transaction volumes of Visa and Mastercard by over 7%.

The Base advantage

Base, Coinbase’s Layer-2 network, processed 62% of all global onchain stablecoin transaction volume during Q1 2026, outpacing every other blockchain combined. Base stablecoin transactions grew tenfold year-over-year during that same quarter, while USDC holdings on the Coinbase platform hit an all-time high.

Coinbase’s stochastic models project the total stablecoin market cap centering around $1.2 trillion by the end of 2028. The current figure sits at approximately $275 billion as of mid-2025, meaning the market would need to roughly quadruple in three and a half years to hit that target. Broader industry estimates are even more aggressive, with projections ranging between $2 trillion and $3 trillion by the 2028 to 2030 window.

Traditional finance is already showing up

McKinsey’s own analysis indicates stablecoin transaction volumes could surpass legacy payment volumes in less than a decade at current growth rates, essentially corroborating the Coinbase timeline. Visa, Mastercard, and Stripe are all exploring stablecoin platforms or forming consortia with Coinbase.

What this means for investors

Coinbase earns revenue from USDC through its arrangement with Circle, and if the stablecoin market cap really does approach $1.2 trillion or beyond, that revenue stream becomes enormous. Base’s dominance in processing 62% of stablecoin transactions adds another layer: network fees, developer activity, and ecosystem growth all compound.

Concentration risk is real: when one network handles 62% of global stablecoin volume, any technical failure or security incident on Base would have outsized consequences across the entire ecosystem. Tether’s USDT still commands the largest share of the stablecoin market cap, and PayPal’s PYUSD represents the kind of well-capitalized competitor that could challenge USDC’s growth trajectory.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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