According to @SovereignIntern tweet, Coinbase's latest financial report shows that in the fourth quarter of 2022, institutional investors contributed 86% of the transaction value ($125 billion) but only contributed 4% of the revenue ($13.4 million), and retail investors contributed 14% of the transaction value ($20 billion) but contributed 96% of revenue ($308.8 million). The transaction fee for retail investors is about 0.75%, and the transaction fee for institutional investors is about 0.5 per ten thousand. In addition, Coinbase should directly include 50% of USDC income in its income statement Interest income, and did not regard USDC as equity equity assets. The revenue brought by USDC has accounted for 25% of Coinbase's quarterly revenue. Coinbase and Circle each hold 50% of the USDC issuing company Centre, which is operated by Circle. Coinbase's trading business and USDC's business are a set of barbells, which reduces the cyclical performance to a certain extent.