According to The DeFi Report founder Michael Nadeau, despite retail trading volume dropping significantly from its 2021 peak, Coinbase has managed to offset this through its subscription and services business, with stablecoin-related revenue accounting for about 19% of total revenue by 2025. He pointed out that Coinbase, through its partnership with Circle, earns 100% of the interest income on USDC assets within the platform and shares 50% of the reserve income from USDC outside the platform, making Coinbase's stablecoin revenue surpass that of Circle. Additionally, Coinbase holds veto power over new USDC-related partnerships. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=56882