Coinbase Pins Hopes on Stablecoin Business to Drive Future Growth

Coinbase is counting on its stablecoin business to drive growth in the future.

The company's CEO, Brian Armstrong, told Bloomberg that stablecoin payments will grow sharply and could expand nearly tenfold by 2030.

The market for stablecoins is currently worth $300 billion, according to Armstrong. Stablecoins allow money to move faster and at lower cost than traditional financial networks, making them attractive for use cases such as cross-border remittances and treasury management.

Coinbase returns a large share of the interest and rewards generated by stablecoins to customers. However, to expand profitability, the company needs to increase actual payment volume, Armstrong said.