How does Coinbase earn USDC?

Inquiring minds may wonder, how does the renowned cryptocurrency platform Coinbase generate revenue from the USDC stablecoin? Given its status as a trusted exchange, one might assume Coinbase profits directly from each USDC transaction. However, the truth lies deeper in the ecosystem. While Coinbase certainly facilitates USDC trading, its primary revenue stream likely stems from other avenues. Could it be through transaction fees? Perhaps, but with the stability of USDC, transaction volumes may not be as lucrative as one might expect. Alternatively, Coinbase could be earning from the issuance of USDC itself, leveraging its partnership with Circle to provide liquidity and earn interest on reserves. Whatever the case, understanding how Coinbase profits from USDC remains an intriguing question for those keen on the intricacies of the cryptocurrency industry.