Stablecoins, Payments, and Prediction Markets Emerge as New Growth Drivers for Crypto Companies, Profitability Still Under Pressure

The latest earnings reports from Coinbase, Robinhood, and Circle show that new business lines such as stablecoins, payments, and prediction markets are expanding in scale but have yet to offset the cyclical pressures of the crypto market. Coinbase's third-quarter trading revenue fell 23% year-over-year to $590 million, with retail spot trading volume declining 9% quarter-over-quarter; Circle's reserve income dropped 8% year-over-year to $658 million, with USDC supply at approximately $73.9 billion, essentially flat year-over-year. (CoinDesk)