Coinbase Shares Drop 3% After Q1 Misses Expectations Meta Explores Stablecoin Integration for Cross-Border Payments Bipartisan Stablecoin Bill Fails in Senate

Shares of Coinbase (COIN) fell nearly 3% in after-hours trading Thursday after the cryptocurrency exchange missed expectations for the first quarter. The drop reflects a broader cooldown in trading activity as economic uncertainty weighed on the market. The company reported $2 billion in revenue for Q1, a 12% decline from the previous quarter and below the $2.1 billion analysts had forecast. Earnings per share came in at just $0.24—far from the $1.93 average estimate. Trading volume slid to $393.1 billion, a 10% drop from Q4. Coinbase’s main source of income, transaction revenue, fell 19% to $1.3 billion. In a letter to shareholders, the company pointed to higher volatility in January—when Bitcoin hit an all-time high—but said prices fell later in the quarter amid macroeconomic headwinds and new tariff policies. The downbeat results were widely expected. Analysts had already lowered their projections citing weak trading volumes since January. Still, the exchange made a bold move to shore up its position in derivatives markets acquiring leading crypto options platform Deribit for $2.9 billion. Coinbase’s earnings contrast with Robinhood’s April results, where the retail-focused trading app reported a 13% decline in transaction-based revenue.

Meta is once again testing the crypto waters. Three years after abandoning its high-profile Diem stablecoin project under political pressure, the tech giant is now in early talks with blockchain infrastructure firms to explore stablecoin integrations. The discussions, still at a preliminary stage, focus on using stablecoins for small cross-border payouts—potentially through apps like Instagram. Unlike traditional wire transfers, stablecoin-based payments can move funds quickly and at a lower cost, especially for creators and small businesses operating in multiple currencies. The revived interest comes as stablecoins gain new momentum in Washington and Silicon Valley. Since the return to office, regulatory attitudes toward digital assets have softened. Meanwhile, payments giant Stripe acquired the stablecoin startup Bridge for $1.1 billion, and firms like Visa and Fidelity have launched or announced stablecoin initiatives. Circle, the issuer of USDC, has also reportedly been in discussions with Meta. Though the company hasn’t confirmed any partnerships.

A bipartisan effort to regulate stablecoins in the U.S. was derailed Thursday after Senate Democrats blocked the legislation, citing concerns about expanding crypto ventures—including a memecoin that offers top holders access to a dinner. The measure, supported by the digital asset industry, received only 48 votes—short of the 60 needed to advance. Key Democrats refused to support it without language barring sitting presidents and senior officials from profiting off crypto-related ventures. Senate Majority Leader and others said the bill lacked a finalized compromise and needed stronger safeguards. Republicans, however, dismissed the concerns as political theater. Two Republicans, also voted no. is pushing for restrictions on tech giants like Amazon and Meta, warning that stablecoin issuance could give them outsized power. Despite the failed vote, talks may resume. Treasury Secretary called the bill a “once-in-a-generation opportunity” to boost U.S. financial influence.