[Stacy Muur: Non-trading fee revenue becomes an important income source for trading platforms] Crypto researcher Stacy Muur posted on platform X, pointing out that a series of charts from 2025 show non-trading fee revenue has become a significant income source for trading platforms. In Coinbase's revenue composition, stablecoins account for 44%, staking accounts for 27%, subscriptions account for 19%, and fees account for 10%. Centralized exchanges are transitioning into super apps.