Coinbase, Others Boost Stablecoins, Prediction Markets as Trading Fees Decline

The pivot matters because it signals that trading-fee income is structurally thinning, pushing major venues to monetize infrastructure and event-based products instead. Coinbase's move carries weight for competitors, since its scale sets expectations for what other platforms must offer to retain users and partners. The open question is whether stablecoin and prediction-market revenue can scale fast enough to offset the fee decline, or whether it merely reshapes where the same cyclical, volume-dependent risk sits.