币界网报道:The cryptocurrency market has reached $3.3 trillion, equivalent to 3% of the global GDP. Coinbase is transforming from an exchange to an integrated financial platform on the chain, expanding payment, custody and other businesses through compliance advantages. Its transaction revenue has dropped to 50%, and institutional capital inflows have driven the growth of subscription services, but it faces competitive pressure from traditional financial institutions. Stablecoin business has become the key to future growth. Currently, Coinbase enjoys a 55% share advantage in the USDC ecosystem.