Alesia Haas, Coinbase CFO - On Q2 '25 earnings, stablecoins, and Coinbase's growing derivatives business — This Week in Fintech

Nik sits down for 10 minutes with Coinbase CFO Alesia Haas to talk about the company's 2025 performance and where they are headed.

Overview

Coinbase is at inflection point, with strong Q2 performance including custody volumes and derivatives trading hitting all-time highs, and the USDC market cap exceeding $60 billion.
Stablecoin revenue of $332 million in Q2 represents 12% growth quarter-over-quarter, driven by market cap expansion via Circle collaboration.
GENIUS Act signed into law enables Coinbase to lead the $30 trillion B2B cross-border payments market, targeting financial revolution in the US.
Payment APIs launched with Shopify; Coinbase business account product in development with a waitlist of thousands of businesses.
Acquisition of Deribit for $2.9 billion positions Coinbase to enter the options trading market, capturing a significant share of global derivatives trading.
Newly launched perpetual futures contracts have seen week-over-week volume doubling, aligning trading hours with crypto spot market.
User base expanding beyond retail to include payment-focused users and institutional traders seeking hedging and leveraged exposure.
New Base app in beta testing, alongside the launch of Coinbase One Basic service tier to enhance user offerings.
USDC payments integration with Shopify completed, with additional partnerships on the horizon and increased service offerings planned.
10x intraday leverage available on newly introduced 24/7 futures products, enhancing trading capabilities for users.

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