The coldest quarter for trading actually makes Coinbase's current strengths clearer. At around 4 AM Beijing time this morning, @coinbase released its Q3 report. Revenue was $1.22 billion, compared to $1.87 billion in the same period last year, a decrease of approximately 35%. The report cited the reason as follows: total spot trading volume in the market decreased by 6% quarter-on-quarter in Q3, and volatility fell to a multi-year low. Breakdown: Trading revenue was $590 million, and subscription and service revenue was $570 million, the latter accounting for 49% of net revenue. The average USDC held on the platform reached $22 billion, accounting for approximately 30% of the average USDC market capitalization. Net profit was $719 million, and adjusted net profit was $78 million, a significant difference between the two figures. The investor materials also included the statement: "The next step is agents, and on Coinbase." Accompanying data is the payment processing volume on the developer platform, with a compound annual growth rate of 160% from Q4 2025 to Q3 2026. The footnote states that x402's small-amount payments were not included. I think this financial report truly answers the question: how much stablecoins and subscriptions can absorb when trading volume cools down? The materials mentioning agents haven't provided separate revenue figures yet; it's currently a direction, not a source of profit. The next thing to watch is Q4: after trading volume recovers, can the proportion of subscriptions and services remain around 50%? @brian_armstrong Short version (weighted 262) A quarter with low trading volume best reveals what Coinbase relies on. @coinbase Q3 revenue was $1.22 billion, down about 35% year-over-year; subscriptions and services were $570 million, accounting for 49% of net revenue; average USDC on the platform was $22 billion. The materials describe agents as the next step, but the footnote in the payment volume statistics states that x402's volume wasn't included. To me, agents are currently a direction, not a source of revenue.