Coinbase reported that Base’s transaction revenue fell 11% quarter-over-quarter to $47.4 million in Q2, despite stablecoin transaction volume on Base growing seven times year-over-year. The platform processed about $32 trillion in stablecoin transfers over the past 12 months, making it number one in stablecoin volume among all chains. Coinbase captured roughly 50% of all USDC economics over the past year, with stablecoin revenue reaching $292.1 million. Overall results missed analyst expectations with revenue of $1.22 billion and a net loss of $359.5 million, its third straight quarterly loss.
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