According to CoinMeta, as reported by Bitcoin.com and News, the trading revenues of Coinbase, Bullish, and Gemini declined quarter-on-quarter in the second quarter, and the gap between their trading revenues and non-trading revenues narrowed. Coinbase performed outstandingly in deploying stablecoins and predicting markets; in the third quarter, the average holding volume of USDC increased by 44% year-on-year to $20 billion. Gemini tripled the number of market makers in its prediction market, while trading volume decreased by 66% year-on-year to $3.8 billion, and trading revenues fell by 38%. Bullish introduced a new reward plan, and after adjustments in the second quarter, trading revenues decreased by 21% quarter-on-quarter to $29.9 million, but still increased by 24% year-on-year.