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Coinbase reports Base sequencer revenue fell as stablecoin volume rose
Coinbase said Base generated $47.4 million in quarterly “other” transaction revenue, down from $68.0 million in Q3 2025, even as Base stablecoin transaction volume grew sevenfold year over year.
Coinbase said its Base network processed more stablecoin volume than any other blockchain, but revenue tied to the Base sequencer declined in the most recent quarter, according to a Q2 earnings presentation filed Thursday. The exchange reported “other” transaction revenue fell 11% quarter over quarter to $47.4 million, with the company citing lower Base revenue as the main driver.
The filing also pointed to strong usage, saying stablecoin transaction volume on Base increased seven times year over year. Coinbase said “more than 90%” of agentic stablecoin transactions, which are payments initiated by AI agents via its x402 protocol, settle on Base.
The report highlights an economic trade-off for Ethereum L2s competing on low fees, with Base aiming for sub cent costs and sub one second settlement. Coinbase said the Base sequencer fee bucket shrank from $68 million in Q3 2025 to $47.4 million last quarter.
Financially, Coinbase reported revenue of $1.22 billion that missed analyst expectations and a net loss of $359.5 million for the quarter, marking its third consecutive net loss. Coinbase stock was down about 5% in after hours trading, and the company said it stopped disclosing trading volume, pointing instead to a record 10.3% share of global crypto trading volume.
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