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What changed in Coinbase’s revenue mix in Q2 2026?

Subscription and services · share of net revenue [2]

“we are a multi stablecoin platform.”

Brian Armstrong, Coinbase CEO · Q2 earnings call [3]

Revenue mix
Coinbase reported that 88% of net revenue came from activities beyond BTC spot trading. [1]
Stablecoin balances
Average USDC held in Coinbase products reached $20 billion. [1]

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Company-reported figures. Revenue share can rise while absolute revenue falls; read the full results for context.

Condensed from cited sources

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