Coinbase 财报透视：稳定币利息占服务收入过半，行业加速两极分化
Coinbase 订阅收入占比达创纪录的 48%，但稳定币利息占服务收入超过一半，表明其稳定性主要依赖 USDC 储备利息而非真正会员收入。在交易量萎缩的低波动率季度中，资金充足的平台转向金融基础设施服务，而小型交易所面临关闭压力。
Coinbase earnings reveal stablecoin interest dominates subscription revenue as industry polarizes
Coinbase's subscription revenue hit a record 48%, but stablecoin interest accounts for over half of service revenue, revealing dependence on USDC reserve yields. In a low-volatility quarter with shrinking volumes, well-capitalized platforms pivot to infrastructure while smaller exchanges face closure.