The proportion of trading revenue from cryptocurrency exchanges has declined, and Coinbase and others are increasing their focus on stablecoins and prediction markets

In the second quarter, the trading revenue of three listed cryptocurrency exchanges, Coinbase, Bullish, and Gemini, decreased sequentially. The gap between trading revenue and non-trading revenue for the three platforms narrowed, with Coinbase's difference dropping from approximately $132 million to $44 million within a year.

Coinbase expanded its product offerings in stablecoins and prediction markets, with the average USDC holdings in the third quarter increasing by 44% year-on-year to $20 billion. Gemini increased the number of market makers in the prediction market to three times that of the beginning of the year.

Bullish launched a new rewards program to support trading operations, with adjusted trading revenue in the second quarter decreasing by 21% sequentially to $29.9 million, but increasing by 24% year-on-year. Gemini's trading volume decreased by 66% year-on-year to $3.8 billion, with a 38% decline in trading revenue.