Investment bank Benchmark has rated Coinbase a buy, setting a price target of $252 and highlighting how recent legislation could boost the crypto sector. Coinbase reported $910 million in stablecoin revenue for 2024, a 31% increase from the previous year. Analysts believe that pending stablecoin legislation could enhance Coinbase's earnings from assets backing USDC, which is managed in partnership with Circle. Investors have not yet fully recognized the potential growth opportunities associated with stablecoins, which could significantly increase Coinbase’s valuation if legislation is passed. Competitors like Bank of America are also working towards entering the stablecoin market, positioning Coinbase strategically at the forefront of the stablecoin industry. The report emphasizes the crucial role of expanding partnerships in increasing USDC’s market cap, as CEO Brian Armstrong aims to surpass Tether's USDT market dominance. This push for market expansion is seen as essential for Coinbase’s growth amid various market dynamics.

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