Coinbase used its second-quarter earnings call to highlight rapid growth in the stablecoin it co-manages with Circle, saying average USD Coin (USDC) reserves rose to $61 billion in the three months ended June from $54 billion in the prior quarter. The platform held $14 billion of USDC for customers and earned about $144 in revenue on those balances, implying a roughly 4.1% yield from the underlying reserve portfolio. Chief Executive Officer Brian Armstrong told analysts that “crypto is eating financial services” and positioned payments as Coinbase’s next major line of business, predicting that most transactions will eventually run on stablecoin rails and that USDC is well placed to capture the resulting network effects. Armstrong said Coinbase will launch integration with decentralized exchanges as soon as next week to broaden asset access and reiterated plans to tokenize securities, which may require partnerships with traditional brokers. The company’s ‘Crypto as a Service’ offering has recently added PNC, with earlier announcements involving JPMorgan, eToro, Revolut and Webull.