Goldman also expects upside from higher interest rates from USD coin (USDC), and it noted that as the sole retail issuer of USDC, Coinbase gets a share of the interest income generated from the USDC reserves. Given that interest rates are expected to reach over 3.5% over the next few quarters, the market is underestimating the roughly $400 million to $680 million worth of “boost to subscription and services revenues and ultimately adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).”
