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Coinbase and Circle shares have come under pressure after a CoinDesk report said Coinbase is weighing a role in a new stablecoin platform backed by Stripe, Visa, and Mastercard.<\/p>\n
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CoinDesk reported that Coinbase Global is evaluating whether to participate in the planned platform, a move that has drawn attention because of the exchange\u2019s existing revenue-sharing deal with Circle Internet Group. The report placed new focus on Coinbase\u2019s stablecoin strategy as investors watched Circle\u2019s USDC business and Coinbase\u2019s negotiating position ahead of a contract renewal later this year.<\/p>\n
Circle shares fell as much as 4% shortly after Tuesday\u2019s market open, while Coinbase dropped 1.4% during the same morning session. The decline came as crypto-linked stocks traded under pressure and Bitcoin struggled to stay above $67,000.<\/p>\n
According to the market data cited in the report, Bitcoin price traded near $66,800 at the time of writing after falling 2.8% over 24 hours. The price drop followed an intraday move toward $65,000 and a $1.8 billion liquidation wave across crypto markets.<\/p>\n
On Stocktwits, retail sentiment for both Circle and Coinbase moved into bearish territory over the past day. The platform also showed that message volume around Circle rose 40% in 24 hours, while both Circle and Coinbase recorded more than 150% growth in message volume over the past month.<\/p>\n
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Circle\u2019s business remains closely tied to USDC, and its filings show how important reserve income has become to the company. Circle generated $2.64 billion in 2025 revenue from income earned on assets backing USDC, according to the figures cited in the report.<\/p>\n