Coinbase ramps up lobbying for stablecoin business

Coinbase is actively lobbying in Washington for its stablecoin business, a key revenue source, amid projections that its related income could grow up to sevenfold depending on the details of future legislation. According to Bloomberg, stablecoins accounted for approximately 19% of Coinbase's total revenue last year. This revenue is projected to increase by two to seven times if stablecoin adoption in payments accelerates under favorable legislation. Paul Gulberg, an analyst at Bloomberg Intelligence, explained that achieving a sevenfold revenue increase would require favorable provisions in the final cryptocurrency legislation. He identified the ability to pay out stablecoin rewards as one of the key variables.