Usage is Increasing at Coinbase and Circle: Do New Jobs Provide Stable Income?

Coinbase and Circle are expanding new products and use cases even as pressure mounts on their core transaction and reserve income streams. Recent results show crypto trading revenue declining at Coinbase and Robinhood, while Circle’s reserve income—the interest earned on USDC backing—is also under strain. The shift matters because both firms are trying to build steadier, recurring revenue on top of volatile trading and rate-sensitive reserve models. Investors should watch whether new offerings scale fast enough to offset those declines.