Crypto exchange trading revenue share declined, and Coinbase and others increased stablecoin and prediction markets

Comparative news: In the second quarter, the trading revenue of the three listed crypto exchanges Coinbase, Bullish, and Gemini declined sequentially. The gap between transactional and non-transactional revenue of all three platforms narrowed, and Coinbase reduced the difference from around $132 million to $44 million in one year.

Coinbase expanded the layout of products such as stablecoins and prediction markets, and the average USDC holdings increased 44% year over year to $20 billion in the third quarter. Gemini tripled the number of market makers in the forecast market at the beginning of the year.

Bullish launched a new rewards program to support the trading business, and adjusted transaction revenue fell 21% month-on-month to $29.9 million in the second quarter, but increased 24% year-over-year. Gemini's trading volume fell 66% year over year to $3.8 billion, and transaction revenue fell 38%.