Coinbase could generate 34 billion with its Base token according to JPMorgan

Will the United States really win the crypto battle? On the one hand, Asia is widening the adoption gap. On the other hand, the Americans are doubling down on technological ingenuity. And when we look at Coinbase, the answer becomes a little clearer: innovation, long-term vision and revenue expansion strategy. With the shadow of a future native token for its Base network, the most institutional crypto exchange in the Americas is preparing to cash in a multi-billion jackpot.

Base: the secret Coinbase network that wants to beat Ethereum at its own game

Since its launch in August 2023, the Base network, developed by Coinbase, has quietly climbed the crypto rankings. Built as a Layer 2 solution on Ethereum, it already has more than $5 billion in total value locked (TVL). But what makes Wall Street shudder is the idea of ​​a native token, currently under study.

JPMorgan is pulling out all the stops: in a note published on October 24the bank estimates that this token could value the activity on Base up to $34 billion. And Coinbase, which could keep 40%, would reserve between $4 billion and $12 billion in direct value. In short, a growth lever never before seen in the crypto industry on the American side.

Jesse Pollak, architect of the Base network, imagines this token as a way to accelerate decentralization while opening the ecosystem to more developers. He sees it as a strategic tool well beyond a simple vector of profits.

The objective: to make Base a playground for large-scale decentralized finance (DeFi), controlled remotely by Coinbase, but designed to do without them in the long term.

How Coinbase is reinventing the subscription strategy in Web3 mode

But the Base token is not the only ingredient in the cocktail prepared by Coinbase. The platform also wants to rebalance the distribution of returns linked to USDC, the stablecoin issued by Circle. Today, Coinbase returns a large portion of the interest generated (around $400 million per year) to its users.

Tomorrow, only Coinbase One subscribers could receive these returns. Inspired by the Robinhood Gold program, this system aims to transform USDC into a premium cash cow, without changing the source of income: the reserves deposited by the users themselves.

Another innovation: Coinbase has integrated a DEX aggregator (decentralized exchanges) directly into the Base app. Objective: capture the value of these platforms without fighting against them. Max Branzburg, VP Products at Coinbase, explained it like this :

We have seen millions of assets being created and traded on decentralized platforms, but very few people have actually figured out how to access and trade the assets they want. Coinbase will go from a single asset, bitcoin 13 years ago, to hundreds today, and then soon to every onchain asset available directly in the Coinbase app by default.

A way to absorb the decentralized universe into a centralized interface. Smart.

Crypto, token and COIN action: what Wall Street anticipates for 2026

Wall Street no longer wants to miss the boat. The JPMorgan report is clear: Target $404 for Coinbase stock by December 2026, up from around $355 currently. This would represent an increase of 14%, driven by the combined effect of the Base token, new USDC revenue, and DEX integration.

Kenneth Worthington, analyst at JPMorgan, considers the Base token to be a real catalyst. He sees it as a tool capable of reflecting the growth of the network while strengthening the Coinbase ecosystem, already one of the most complete in the crypto sector.

Four key elements to remember:

• $5 billion: value blocked on Base, Layer 2 of Coinbase;
• 9 million: daily transactions already reached according to DeFiLlama;
• $34 billion: possible valuation of the future token, according to JPMorgan;
• $374 million/year: Potential revenue by cutting off USDC yields to non-subscribers.

Base is no longer a side project. At the end of September, the network surpassed all expectations by dominating the NFT market with 1.27 million transactions in one month. For a network born just a year earlier, this is a strong message: Coinbase may have already found its best weapon to win the crypto war.