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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe<\/a>.<\/em><\/em><\/p>\n Coinbase had a down second quarter from a revenue perspective, but remains undeterred in ultimately trying to bring every asset class onchain.\u00a0<\/p>\n First, some numbers.<\/p>\n The company\u2019s total revenue of $1.5 billion in Q2 was 26% lower than the prior quarter. Transaction revenue took the biggest hit, dropping 39% quarter over quarter to $764 million amid lower volatility. Subscription and services revenue fell 6% to $656 million.<\/p>\n Worth noting: Competitor Robinhood also saw April-June transaction revenue plummet \u2014 dropping 36% to $160 million.<\/p>\n COIN shares were trading around $318 in the early afternoon \u2014 down 16% on the day. HOOD\u2019s stock price was pretty flat halfway through the session.<\/p>\n We noted nuanced outlooks<\/a> from analysts heading into Thursday\u2019s Coinbase report. And indeed \u2014 despite the overall revenue decline \u2014 the company claimed some victories.\u00a0<\/p>\n Its stablecoin revenue, for example, grew 12% from the prior quarter to $332 million as average USDC balances held in Coinbase products reached $13.8 billion.<\/p>\n Coinbase expects stablecoin revenue momentum to continue given USDC\u2019s new all-time high market cap in July. The company is thus projecting higher Q3 subscription and services revenue ($665\u2013$745 million).\u00a0<\/p>\n Executives also said they expect July transaction revenue to be $360 million \u2014 already nearly half of Q2\u2019s total.<\/p>\n Beyond the numbers, CEO Brian Armstrong on Thursday labeled the number one thing Coinbase\u2019s customers want from the exchange: enabling many more assets to trade in a \u201cone-stop shop\u201d on crypto rails. Coinbase is calling it the Everything Exchange.<\/p>\n Integrating decentralized exchanges into its app will help on the crypto-tokens front. And now Coinbase is working toward bringing tokenized equities \u201cto meet the moment in this new regulatory environment.\u201d<\/p>\n To that last point, Armstrong\u2019s comments came just hours after SEC Chair Paul Atkins made a speech of his own<\/a>.\u00a0<\/p>\n And Atkins\u2019 comments followed the White House\u2019s release of its \u201cStrengthening American Leadership in Digital Financial Technology\u201d report<\/a>.<\/p>\n The report acknowledges tokenization benefits like \u201cthe programmability and peer-to-peer transferability of assets, operational efficiencies\u2026and increased transparency relative to traditional finance markets.\u201d\u00a0<\/p>\n