coinbase made $300m from USDC distribution in Q1 2025. circle's own net revenue was $230m. coinbase earns more selling circle's product than circle does. now the clarity act bans yield on idle stablecoin balances, directly hitting that 3.5% APY product driving user retention. third round of layoffs in four years, 40% total headcount gone since peak. solana DEX beat their spot volume last month. they hold $74b in ETF custody but that's a passive low margin business. COIN down 10% YTD while BTC up 20%+. when your most profitable revenue stream is redistributing someone else's stablecoin and regulators just kneecapped the yield mechanic that makes it sticky, you don't have a trading business. you have a distribution contract with an expiration date.