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Stacy Muur: Non-trading fee income becomes new moat for trading platforms

Summary: Cryptocurrency researcher Stacy Muur posted on X platform that in 2025, key charts show non-trading fee income has become a new moat. In Coinbase's revenue breakdown, stablecoins account for 44%, staking 27%, subscriptions 19%, and fees 10%. Centralized exchanges are transitioning towards becoming super apps.

Cryptocurrency researcher Stacy Muur posted on X platform that in 2025, key charts show non-trading fee income has become a new moat. In Coinbase's revenue breakdown, stablecoins account for 44%, staking 27%, subscriptions 19%, and fees 10%. Centralized exchanges are transitioning towards becoming super apps.

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