<p>Momentum around Coinbase is rising as the company enters a new phase of financial stability and public-sector experimentation. Latest data show revenue increasing while costs remain controlled. And as expected, this combination has created a sturdier foundation than in earlier market cycles.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
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   <li>Coinbase posts five quarters of revenue growth while keeping expenses below previous cycle levels across core cost categories.</li>
   <li>NYC income pilot delivers $12K in USDC directly to low-income residents through GiveDirectly with no bank intermediaries.</li>
   <li>The x402 protocol records a 10,780% monthly jump in transactions and sets new daily highs in activity and on-chain volume.</li>
   <li>Ark Invest strengthens its crypto exposure with a $10M Coinbase share purchase and added positions in BitMine and Circle.</li>
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<h2 id="h-coinbase-strengthens-financial-position-while-financing-12k-usdc-pilot">Coinbase Strengthens Financial Position While Financing $12K USDC Pilot</h2>
<p><a href="https://www.cointribune.com/en/tag/coinbase-en/" rel="noopener noreferrer nofollow">Coinbase</a> has now posted five consecutive quarters of revenue growth while keeping operating expenses below levels seen in the previous cycle. Rising sales and disciplined spending signal a firmer position than during the 2021 peak, when expenses surged across the industry.&nbsp;</p>
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<p>Charts from Milk Road indicate that revenue is approaching late-2021 levels after rebounding sharply from the 2022–2023 slowdown.</p>
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<p>Alongside its financial progress, Coinbase supported one of the largest crypto-based income pilots in the United States. Through a partnership with GiveDirectly, the program provides <a href="https://x.com/BitcoinArchive/status/1994873598226366564" rel="noopener noreferrer nofollow">$12,000 in USDC to low-income New Yorkers</a>.&nbsp;</p>
<p>Funding comes from a donation Coinbase made after closing its former GiveCrypto initiative. Administration, distribution, and participant support fall entirely under GiveDirectly’s oversight, keeping Coinbase in a funding-only role.</p>
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<h2 id="h-nyc-stablecoin-pilot-tests-direct-payments-without-banks">NYC Stablecoin Pilot Tests Direct Payments Without Banks</h2>
<p>GiveDirectly enrolled roughly 160 residents across all five boroughs. Participants receive an initial $8,000 payment, followed by $800 per month for five months, totaling $12,000 in stablecoin.&nbsp;</p>
<p>Payments began in late 2024 and continue through 2025, reaching wallets directly without bank intermediaries. Eligibility, compliance, onboarding, and wallet setup are all managed by GiveDirectly.</p>
<p>Program details form a clear structure, outlined in the following key points:</p>
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 <li>Support reaches low-income households across New York City’s five boroughs.</li>
 <li>Each participant receives $12,000 in <a href="https://www.cointribune.com/en/crypto-circle-now-allows-legal-firearm-purchases-with-usdc/" rel="noopener noreferrer nofollow">USDC</a> through a two-phase distribution.</li>
 <li>Transfers go straight to recipients’ digital wallets.</li>
 <li>GiveDirectly handles enrollment, screening, and payment logistics.</li>
 <li>Funding came from Coinbase’s earlier charitable allocation, following the end of GiveCrypto.</li>
</ul>
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<p>GiveDirectly describes the initiative as a targeted guaranteed-income test rather than a universal model. Even so, it ranks among the largest direct-to-wallet income pilots backed by a crypto company in the United States.</p>
<h2 id="h-x402-hits-new-records-as-coinbase-reports-stronger-quarterly-results">x402 Hits New Records as Coinbase Reports Stronger Quarterly Results</h2>
<p>Financial performance at Coinbase has also shown greater steadiness. Operating costs remain low across technology and development, sales and marketing, and general and administrative categories. Transaction expense accounts for a smaller share of total costs than in prior cycles.&nbsp;</p>
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<p>In the most recent quarter, Coinbase reported <a href="https://x.com/MilkRoad/status/1994863611001671772/photo/2" rel="noopener noreferrer nofollow">$1.39 billion in transaction revenue</a>—down 9% from the previous quarter but up 34% year over year. Broader trends indicate rising revenue while expenses remain below earlier highs.</p>
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 <img width="1024" height="658" src="https://www.cointribune.com/app/uploads/2025/12/image-1-1024x658.png" alt="Coinbase Q3 Transaction Revenue">
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<p>Activity on x402, Coinbase’s payment protocol, added <a href="https://www.cointribune.com/en/the-crazy-numbers-of-coinbases-x402-10000-and-500000-transactions-in-7-days/" rel="noopener noreferrer nofollow">another source of momentum</a>. Between October 14 and 20, x402 recorded 499,000 transactions, an increase of 10,780% from the prior month. October 18 set a single-day record with 239,505 transactions and $332,000 in volume.&nbsp;</p>
<p>For context, Coinbase’s x402 brings the long-unused HTTP 402 “Payment Required” code into practical on-chain use for instant payments. Investor activity has remained steady as well, with <a href="https://www.cointribune.com/en/cathie-woods-ark-invest-boosts-crypto-equities-in-coinbase-and-circle/" rel="noopener noreferrer nofollow">Ark Invest purchasing</a> 42,000 Coinbase shares worth $10 million.</p>

Coinbase Advances Financial Growth While Backing Major USDC Income Pilot in New York

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