TechFlow, May 9 — Coinbase's Q1 2025 earnings report revealed significant growth in its stablecoin business, with stablecoin revenue rising 32% year-over-year to $298 million. USDC, the world's second-largest USD-backed stablecoin, reached a market capitalization exceeding $60 billion, setting a new record high, while platform holdings of USDC increased to $12.3 billion. The Base ecosystem continued expanding, with on-chain stablecoin balances reaching $4 billion, a 12% increase quarter-over-quarter, and on-chain transaction volume up 16% sequentially, although average revenue per transaction declined by 21%. On the technology front, Base launched the Flashblocks testnet with a 200-millisecond block time and strengthened privacy payments and developer acquisition capabilities through the acquisitions of Iron Fish and Spindl teams, respectively. Additionally, Verified Pools was introduced to provide verified decentralized liquidity pool services, further enhancing infrastructure development. Data indicates that reduced transaction fees have driven continuous transaction volume growth.
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