For example, Coinbase's second-quarter 2025 earnings call Thursday (July 31) show a company treading a narrow path between innovation, compliance and resilience. Stablecoin revenue rose 12% to $332 million for the quarter, driven by increased USDC usage and institutional adoption, but saw core transaction revenue drop 39$1.5 billion unrealized gain on strategic investments, including from its stake in Circle, and a $362 million u ...