Coinbase rolls out stock trading, prediction markets in ‘everything app’ push

cointelegraphPublicado em 2025-12-17Última atualização em 2025-12-17

Resumo

Coinbase has expanded its services by launching stock trading and prediction markets as part of its strategy to become an "everything app." The crypto exchange announced the availability of stock and ETF trading in the U.S., with plans for 24/7 global access. Additionally, Coinbase partnered with Kalshi to introduce prediction markets, initially rolling out outside the U.S. The company also revealed plans to offer 24/7 perpetuals with high leverage early next year, allowing bets on both crypto and stocks. These moves align with Coinbase's broader rebranding effort earlier this year to include apps, social features, and chat functionalities.

Coinbase is launching stock trading and prediction markets as the crypto exchange looks beyond digital assets to chase its ambition of creating an “everything app.”

Coinbase head of consumer and business products, Max Branzburg, announced at the company’s year-end conference that “stock trading is now available on Coinbase.”

“This is a major milestone in our plan to enable 24/7 trading of stocks and ETFs from anywhere in the world, powered by crypto,” he said.

Branzburg also said that Coinbase has launched prediction markets in partnership with Kalshi, which will begin its rollout today and later come to the US.

Last month, tech researcher Jane Manchun Wong discovered that Coinbase was developing a prediction markets platform, which indicated it would be backed by Kalshi.

Related: Crypto’s ‘super app’ race is on as industry enters aggregation era: Report

Coinbase is also set to offer 24/7 perpetuals early next year, which will allow users to bet on crypto and stocks gaining or dropping with up to 50 times leverage.

Branzburg said that the new product lineup is part of Coinbase’s “everything exchange.” The company started to lay the groundwork for a wider set of offerings in July, rebranding its wallet app as an “everything app” that added apps, social networks and chat features.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?

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The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

marsbitHá 5h

The Value Distribution of Stablecoins

marsbitHá 5h

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

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The Value Distribution of Stablecoins

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