Stacy Muur: Non-trading fee revenue becomes a new moat for trading platforms
Crypto researcher Stacy Muur published an article on the X platform stating that a series of key charts for 2025 show that non-transaction fee revenue has become a new competitive advantage. Coinbase's revenue breakdown is as follows: stablecoins account for 44%, staking for 27%, subscriptions for 19%, and fees for 10%. Centralized exchanges are transforming into super-applications.
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