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

According to Odaily Planet Daily, crypto researcher Stacy Muur published an article on the X platform stating that a series of important charts for 2025 show that non-transactional fee revenue has become a new competitive advantage. In Coinbase's revenue structure, stablecoins account for 44%, staking for 27%, subscriptions for 19%, and fees for 10%. Centralized exchanges are transforming into super-applications.