---
title: "Stacy Muur: Non-trading fee revenue becomes a new moat for trading platforms"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/270831417.md"
description: "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."
datetime: "2025-12-26T07:49:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/270831417.md)
  - [en](https://longbridge.com/en/news/270831417.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/270831417.md)
---

# 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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