Personal views from Nothing Research Partner 0xTodd, intended for sharing and communication, not constituting any investment advice:

My intuition tells me that if a mining operation's interest is unknown, it means you are that interest.

However, my rational mind tells me that if exchanges around the world were to collapse in order, Coinbase would definitely be the last one standing.

Yesterday, I used AI to review the application for Circle's listing, and I couldn't find out why Coinbase can offer a subsidy of up to 12% on $USDC. Because even days before the FTX collapse, they were only willing to give around 5% interest.

Coinbase's USDC reserves are probably the largest in the world, and unlike other exchanges, they don’t need to attract assets (refer to yesterday's disclosed marketing deal between Binance and Circle, which only offers around 1% subsidy).

But then again, Coinbase, as the world's largest asset management CEX and the custodian for 17 ETFs, has licenses that could cover an entire wall.

I can only engage in some imaginative thinking; perhaps Coinbase wants to develop its derivatives trading? And support USDC to compete with USDE/BFUSD?

Then rely on the derivative fees and Circle's subsidies, along with the fact that American users can't participate, resulting in a situation where there are few monks but plenty of porridge?

Whatever, rationality triumphs over intuition, still saving a bit 😂

I thought there were no better wealth management opportunities than other double-digit ones.