Coinbase has successfully offset a decline in retail trading volumes since their 2021 peak by expanding its subscription and services business, according to The DeFi Report founder Michael Nadeau. Stablecoin-related income is projected to account for approximately 19% of Coinbase's total revenue by 2025. Through its partnership with Circle, Coinbase receives 100% of the interest income from USDC assets held on its platform and shares 50% of the income from USDC reserves held off-platform. This arrangement has led to Coinbase's stablecoin revenue surpassing that of Circle. Additionally, Coinbase holds veto power over new USDC-related collaborations.