Coinbase retail trading volume comes in at $43 billion in Q2, under expectations of $48 billion

Financial Performance - Coinbase missed revenue estimates for the second quarter [1] - Subscription revenue growth failed to offset weaker trading volumes [2] - Subscriptions and services offerings grew 9% year-over-year to $656 million, but fell short of analyst projections of approximately $76 million [3] - Stablecoin revenue met expectations at approximately $332 million [3] Market Trends & Dynamics - Q1 trading exuberance was linked to the anticipation of a "proc crypto Trump administration" [2] - Washington's focus shifted to tariffs in April [2] - Retail speculative trading slowed across centralized exchanges [3] - Crypto ETF inflows and crypto treasury companies' buying supported prices [3] - Stablecoins were a major theme and driver in the crypto market in Q2 [4]