Coinbase released its quarterly financial report for the first three months of 2026, highlighting the development of stablecoins, the implementation of artificial intelligence in the financial system, and the growth of its share in the global cryptocurrency market.
This is reported by Finway
Key Drivers: Stablecoins, AI, and the Base Network
The company emphasized that it sees the future of the financial system in on-chain technologies. Special attention is given to the integration of artificial intelligence: AI agents, according to Coinbase, could drive the mass adoption of cryptocurrencies, with transaction volumes through them potentially reaching $3–5 trillion by 2030. In the first quarter, over 99% of agency commerce was conducted through USDC, and over 90% of AI agent transactions occurred on the Base network. The x402 protocol has already processed over 100 million payments.
“Coinbase identified stablecoins and AI as the main drivers of the future cryptocurrency market.”
USDC has become one of the company’s key businesses. In March 2026, the market capitalization of this stablecoin reached an all-time high of approximately $80 billion. According to Coinbase, about 25% of all USDC is held in exchange products, and the average USDC volume on the platform was $19 billion. The company earns about 50% of the entire USDC economy.
Growth of the Base Network and Derivatives Business
The L2 network Base is showing dynamic growth: the transaction volume with stablecoins in it has increased tenfold compared to last year. Trading on decentralized exchanges has doubled in the quarter, and balances in the lending and borrowing segment have increased by over $1 billion year over year. Additionally, the trading volume of derivatives grew by 169% year over year, and annual revenue from retail derivatives exceeded $200 million. New prediction markets launched two months ago are already generating over $100 million in annual revenue.
Coinbase announced the development of a “universal exchange” model that integrates crypto assets, derivatives, prediction markets, stocks, commodity instruments, and currency pairs.
Despite the overall market decline, with cryptocurrency capitalization dropping by more than 20% in the first quarter and trading volumes decreasing by a similar amount, Coinbase managed to increase its presence. The company’s share of the global trading market reached a record 8.6%.
The total revenue of Coinbase for the first quarter of 2026 was $1.4 billion, of which $756 million came from transaction business and $584 million from subscriptions and services. Adjusted EBITDA reached $303 million, while the company’s net loss amounted to $394 million. Coinbase has approximately $10.2 billion in cash and cash equivalents on its balance sheet, and the total available resources exceed $12 billion.
The company also reported a 14% reduction in staff as part of the transition to an AI-oriented team structure, which will help reduce costs by approximately $500 million.