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Coinbase Offers Unique Exposure to the Long-Term Growth of Crypto

Coinbase (COIN) offers investors unique exposure to the long-term growth of the crypto economy, KBW said in a research report on Tuesday. KBW raised its Coinbase price target to $230 from $160 while maintaining its market perform rating. The crypto exchange’s stock closed at $245.84 on Tuesday, having risen over 40% year-to-date. USDC outstanding balances continue to grow, rising 32% in the first quarter, the report said. USDC is a stablecoin issued by Circle, which is itself backed by Coinbase. The crypto exchange earns gross interest income on about 56% of USDC outstanding balances, KBW said.

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