Coinbase's Base Network Revenue Falls Despite Record Stablecoin Volume

Coinbase's Base layer 2 network saw a significant drop in revenue despite a record-breaking volume of stablecoin transactions. In its Q2 earnings presentation, the company revealed that Base sequencer fees fell to $47.4 million, down from $68 million in Q3 2025. This decline was largely driven by lower Base revenue, which dropped 11% quarter-over-quarter.

Despite this decrease, Coinbase's CEO Brian Armstrong pointed out that Base processed about 32 trillion in stablecoin transfer volume over the last 12 months, making it the number one chain for stablecoin volume. The company also noted that more than 90% of agentic stablecoin transactions settle on Base.

Coinbase's deliberate trade-off is to drive users towards USDC, where the economics are larger. The company has captured roughly 50% of all USDC economics over the past year and generated $292.1 million in stablecoin revenue, which was nearly half of its total transaction revenue line in Q2.