Crypto” Benefits” from the Stablecoin Boom, Coinbase” Benefits,” according to Benchmark, and begins trading at” Buy”

Bitcoin received a purchase rating from investment banking firm Benchmark, which set a price target of$ 252 as part of the start of protection of the crypto change.

Early on Wednesday, Coinbase’s trading was up more than 4 %, according to Yahoo Finance, which was early on Wednesday. Stocks have fallen 20 % so far this year. &nbsp,

According to Benchmark analysts, Coinbase is also positioned to take advantage of a bitcoin bill, which would allow stablecoin issuers from across the United States, including Circle, the company that manages USDC‘s$ 60 billion business valuation through a collaboration with Coinbase.

According to them,” We believe most investors have not yet recognized or focused on the extent to which the laws governing cryptocurrency and industry structure could significantly increase COIN’s valuations,” noting that the bills may largely “reignite crypto industry activity.”

The amount of money Ethereum earns from assets backing USDC may quickly improve if USDC’s market cap even rises, according to the analysts. If crypto legislation is passed within the next 90 days, as some members of Congress had hoped.

Bitcoin reported$ 109 million in cryptocurrency revenue for the full year 2024, up 31 % from the same period last year. Stablecoins have historically been viewed as a means of diversifying its income, combining it with subscriptions and services profits, as a means of removing trading fees.

Wall Street tycoons like Bank of America have indicated that they will introduce a cryptocurrency as soon as a model becomes law, creating the possibility of thousands of new rivals.

Cantor Fitzgerald, a financial services firm, covered Coinbase this month with a comparable rating, giving the exchange an overweight rating and setting a$ 245 price target.

The analysts from Cantor agree with Benchmark’s statement that Coinbase is “one of the best ways to perform bitcoin adoption” and that” the marketplace is underappreciating the chance that stablecoins have to effectively replace standard cross-border payment rails.”

According to Cantor, who predicted that the market value of all stablecoins would reach$ 2 trillion by 2035, Coinbase’s stablecoin revenue could experience a” 12x increase” from$ 990 million to$ 990 million.

CEO Brian Armstrong isn’t happy with USDC, despite Coinbase’s profitable status. He stated in February that his company’s most recent” stretch goal” was to overtake USDT, which is a market leader over USDC and has a market capitalization of$ 145 billion.

According to Armstrong, expanding “more partnerships” may be essential to boosting USDC’s business cap. The company is also adding “payments help” for the bitcoin across its product suite.