Coinbase now holds about 30% of all USDC stablecoins, with customers storing a record $22 billion on its platform. Following a major hack at Binance, Circle, the issuer of USDC, froze $800 million in stolen USDC, demonstrating its ability to block wallets but not return stolen funds. This concentration of USDC on Coinbase raises questions about risk, as exchange breaches could affect users, though the stablecoin's $1 value remains stable. Both Coinbase and Circle earn revenue from USDC reserves, but falling interest rates and market share shifts add uncertainty. Investors should weigh the convenience of holding USDC on Coinbase against potential exchange risk and Circle's regulatory control over freezing tokens.
As of Oct 31, 2026 04:02 WIB, Coinbase Global (COIN) shares are trading at USD 144.35, down 10.11% in one day on Pluang, reflecting market sensitivity possibly linked to USDC concentration risks. Circle Internet Group (CRCL), the issuer of USDC, is also down 9.41% at USD 72.46, with all Pluang order activity on the buy side. The notable figure is Coinbase's market cap of $42.37 billion, highlighting its significant role in the USDC ecosystem.
Coinbase reported a strong third-quarter profit of $719 million, driven largely by gains in its Bitcoin holdings and stablecoin USDC. However, its core operating income fell sharply by 87.2% year-over-year to $61.7 million, and revenue declined 35%. ...
Coinbase's stock dropped 11% following a record $6.3 billion hack at Binance and disappointing Q3 2026 earnings, with net revenue down 34% year-over-year and trading revenue falling 44%. Despite a $715 million crypto investment gain boosting net inco...
