According to crypto analyst Arndxt, the revenue structure of cryptocurrency exchange Coinbase is undergoing significant changes. The data shows that the share of the platform's trading revenue has declined from more than 90% in 2021 to about 50% in the third quarter of 2024. More specifically, the share of stablecoin revenue reached 20%, mainly from the USDC reserve income obtained in cooperation with Circle; the share of blockchain pledge reward income reached 14%, from the pledge service fees of Ethereum, Solana and other networks; interest income accounted for 5%, thanks to the income from user deposits. This shift in revenue structure reflects Coinbase's transition from cyclical trading revenue to recurring revenue.