Crypto exchanges are increasingly relying on non-transaction revenue streams as a competitive edge, according to crypto researcher Stacy Muur. Data from 2025 reveals that Coinbase generates 44% of its revenue from stablecoins, 27% from staking, 19% from subscriptions, and only 10% from transaction fees. This shift highlights the evolution of centralized exchanges into comprehensive financial platforms, with staking playing a significant role in diversifying income sources.