Major global cryptocurrency exchanges are diversifying beyond trading as lower activity pressures transaction-based earnings. Coinbase’s gap between trading and non-trading revenue narrowed to about $44 million from roughly $132 million a year earlier, while average USDC holdings rose 44% year over year to $20 billion in the third quarter. Gemini tripled its prediction-market maker metrics since early this year and introduced rebate and rewards programs, even as its second-quarter trading volume fell 66% year over year to $3.8 billion and trading revenue declined 38%. Bullish is also using a rewards program to support activity; its adjusted second-quarter trading revenue fell 21% from the previous quarter to $29.9 million but remained 24% above the year-earlier level. Stablecoins, prediction markets and loyalty initiatives can provide alternative fee and interest income while deepening user engagement and reducing exposure to cryptocurrency market cycles, macroeconomic conditions and regulatory developments.