Coinbase says Base is processing more stablecoin volume than any other blockchain — and the company is earning less from the network each quarter.
In its second-quarter earnings presentation filed Thursday, the exchange said "other" transaction revenue fell 11% quarter-over-quarter to $47.4 million, "largely driven by lower Base revenue," even as stablecoin transaction volume on Base grew seven times year-over-year.
The disclosure lands in the middle of the question hanging over every Ethereum L2: whether networks that compete on sub-cent fees can turn scale into revenue. Coinbase is engineering the trade-off deliberately, touting sub-cent, sub-one-second settlement as a product goal in the same deck.
The bucket that contains Base sequencer fees has shrunk from $68 million in Q3 2025 to $47.4 million last quarter. Over the same stretch, CEO Brian Armstrong said on Thursday's earnings call, Base processed "about ... 32 trillion in the last 12 months of stablecoin transfer volume," making it "number 1 now in terms of stablecoin volume" among all chains.
Coinbase also said more than 90% of agentic stablecoin transactions — payments initiated by AI agents, largely via its x402 protocol — settle on Base.
