Coinbase is driving revenue diversification through stablecoin and derivative businesses Odaily Planet Daily reported that Coinbase's overall revenue in the first quarter of 2026 was $1.4 billion, a decrease of 21% compared to the previous quarter, mainly due to the decline in cryptocurrency market prices and cooling trading activity. Among them, transaction revenue was 756 million US dollars, a decrease of 23% compared to the previous period; The spot trading volume has dropped to $187 billion, the lowest level since 2023. However, Coinbase's derivatives trading volume reached $1.09 trillion, driving its combined market share of spot and derivatives to a historic high of 8.6%. The report points out that stablecoin business has become an important source of growth for Coinbase, with stablecoin related revenue reaching $305 million in the first quarter, and the platform's average USDC holdings increasing to $19 billion, accounting for over 25% of the total USDC circulation. In addition, revenue from sorters on the Base chain, on chain payments, and DeFi related businesses are also seen as future growth priorities. The analysis also mentioned that Coinbase recently experienced several hours of platform downtime due to AWS data center failures, exposing the risk of infrastructure dependency. Overall, Coinbase is gradually reducing its reliance on spot trading revenue and shifting towards diversified business directions such as stablecoins, derivatives, and on chain finance.