Why Coinbase Is No Longer Just a Crypto Brokerage shares Artemis Research Analyst Alex Weseley

The market largely views Coinbase as a crypto brokerage, but about half of Coinbase's revenue now comes from subscription services, and roughly $300 million in the most recent quarter came from stablecoin reserve income alone. Alex Weseley, Research Analyst at Artemis, breaks down the data showing why Coinbase is no longer the company most people think it is, and why that matters for how the entire stablecoin sector gets valued.

The proof points: Alex co-wrote "Why Coinbase Wins in an AI Native Finance World" and works at Artemis, one of the most cited independent data platforms in crypto. Artemis tracks on-chain analytics across protocols, and their data on x402 agentic payment volume is the most granular public dataset available on the emerging agent payments category.

Alex unpacks why $300 million in quarterly stablecoin income changes the Coinbase thesis from brokerage to infrastructure company, what Artemis data shows about x402 dominance in agentic payment volume, how Coinbase's 30% USDC market share and Circle relationship compound into a structural advantage, projections of $3 trillion in stablecoin supply and $5 trillion in agentic commerce by 2031, and why all of this positions Coinbase for a world where AI agents are the primary transacting users.

Alex Weseley - Research Analyst, Artemis
X: @0xpampa

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