🔥 Coinbase is building a "super exchange" for the crypto market. If you still think Coinbase only makes a living from coin trading fees, then the story is different now. In 2020, up to 96% of their revenue came from transactions. But by the end of 2025, this figure is expected to drop to around 60%, with the remainder coming from services and subscriptions. @coinbase is gradually transforming itself from an exchange into a comprehensive crypto services company. A bright spot is stablecoins. Stablecoin revenue reached $354.7 million in Q3/2025, a 44% increase year-on-year. If USDC becomes the default payment method for crypto, Coinbase could have a steady stream of revenue, less dependent on market fluctuations. In terms of products, Coinbase built a SuperApp layer. The Base App makes it easier for users to access crypto, without needing to understand Gas Price or complex technical details, while the @base handles transaction processing behind the scenes. In terms of acquisitions, Coinbase bought Deribit to gain control of its Derivative business and Echo to consolidate Capital . This enabled them to host the largest ICO of 2025, helping Monad raise $187.5 million. Looking forward to Binance returning to the US to go head-to-head with Coinbase 😁 (Source: @Delphi_Digital)