The GENIUS Act Stablecoin Yield Ban Has A Coinbase-Shaped Hole.

Coinbase reported $305 million in Q1 2026 stablecoin revenue, the single largest line inside a subscription and services business that now contributes 44% of total revenue. Almost none of that revenue comes from issuing a stablecoin. Coinbase does not issue USDC. Circle does. Coinbase pays USDC …