Coinbase released several major updates on June 13. First, Shopify will enable USDC on Base at checkout through Shopify Payments and Shop Pay. Meanwhile, Coinbase also decided to integrate DEX on the Base chain into the main application. Even more surprisingly, the CFTC-regulated Coinbase announced that it will launch 24/7 perpetual contracts in the U.S. market.
Just like the saying "Slowly, then all at once," Coinbase has thrown a large amount of good news to the market in a short period of time. Whether this series of operations can allow Coinbase to surpass other exchanges and become the largest compliant Crypto ecosystem remains to be seen.
When the exchanges on the S&P 500 list connect to their own public chain
It has to be mentioned that Base, as a Layer 2, has achieved good results within two years of its launch, with 535 protocols, 1.23 million active addresses, a total of $5.1 billion in DeFi TVL, and a total amount of $4.1 billion in stablecoins. In addition to its UOPS (user operations per second), which is far ahead of all Layer 2s, it ranks among the top five of all public chains in terms of the number of protocols, protocol revenue, number of active addresses, and the total amount of TVL and stablecoins of DeFi.
Base is also experimenting with various on-chain business models, from DID to creator economy, from financial social networking to AI. For on-chain players, the frequency of ultra-high market cap "hit tokens" is relatively low compared to other DEGEN chains, but for developers and product teams, Base is a paradise where they can continuously receive "positive feedback," making Base one of the favorite public chains among developers.
Following in the footsteps of Binance and OKX, at the 2025 Cryptocurrency Summit held yesterday, Max Branzburg, Vice President of Product Management at Coinbase, announced that Coinbase will integrate DEX on the Base chain into its main application, with future applications embedding DEX trading. Coinbase now has over 100 million registered users, with 8 million active trading users each month, and according to Coinbase's investor report, the value of customer assets on its platform is $328 billion.
While retail transactions only account for about 18% of Coinbase's trading, from 2024 onwards, the proportion of Coinbase's institutional customers' trading volume will continue to increase (Q1 2024 trading volume is $256 billion, accounting for 82.05% of the total trading volume), and with Coinbase's integration of DEXs on Base, it should be able to introduce a large amount of liquidity to tens of thousands of Base on-chain tokens, and more importantly, a large number of products in the Base ecosystem will be owned Coinbase is a possible way to comply with the real world.
The first to respond to this news was the Base-based DEX Aerodrome, which announced that its DEX functionality on the Base network would be integrated into the Coinbase main app. Following the news, its token $AERO saw a nearly 30% price increase within 24 hours, and then slightly corrected to the current price of $0.62.
How does Coinbase open the stablecoin market for large-scale applications?
Cooperation with Shopify
On June 13, e-commerce platform Shopify announced a partnership with Coinbase and Stripe to enable merchants to accept payments in USDC stablecoin issued by Circle. Through this service, consumers can use USDC on the Base chain for payments in 34 countries. This collaboration will open up avenues for millions of merchants to use USDC, allowing them to choose to receive USDC or receive funds in local fiat currency directly into their bank accounts.
At the same time, Coinbase has also partnered with Shopify to launch the "Commercial Payment Protocol," aimed at addressing the application bottlenecks of cryptocurrency in commercial payment scenarios. The two parties will build new custodial smart contracts on Base, enabling seamless cryptocurrency payments in the e-commerce sector. Authorization, capturing, and refunds will be handled in cooperation with Stripe, providing merchants using local currency or USDC with a completely seamless settlement experience. In the future, the protocol will open APIs that require no knowledge of cryptocurrency, while integrated wallets will allow users to make payments directly through signatures.
As one of the most well-known "independent" e-commerce platforms globally, Shopify's growth trend in recent years is quite evident. In 2023, Shopify's GMV (Gross Merchandise Volume) was $235.91 billion, and by 2024, this figure had reached $292.28 billion, while in the first quarter of 2025, it was $74.75 billion, showing a growth of 23% compared to the same period last year.
Shopify's main customers are in Europe and North America, where cryptocurrency compliance and adoption are relatively high. The advantages of USDC in cross-border payment transfers will bring great convenience to merchants on Shopify, which primarily operates independent sites. Therefore, the cooperation between the two parties may drive a certain percentage of merchants to join this payment system.
Cooperate with American Express
On June 13, Coinbase announced a partnership with American Express to issue the cryptocurrency credit card Coinbase One Card specifically for annual subscribers of Coinbase One, marking the first time American Express has issued a cryptocurrency credit card.
The card offers various benefits, including a $500 monthly fee-free limit and up to 4% Bitcoin cashback on purchases, with the reward rate increasing the more assets you hold on Coinbase.
Graham Stephan, a real estate investor with 5 million subscribers on Youtube, said he wouldn't choose a Coinbase one credit card and would use a Robinhood Gold card, explaining that "you have to hold a certain amount of assets in Coinbase, which would cost at least $10,250 to break even," and "the Robinhood Gold card will get 3% for a $50 annual subscription Unlimited cashback that can be used to invest in BTC. Compared to the standard 2% cashback card, the break-even point for the Robinhood Gold card is $5,000."
With the excellent performance of USDC's issuing company CIRCLE in its recent listing on the US stock market, the trading volume of USDC reached 76 billion dollars this month, surpassing USDT to become the leader in the stablecoin sector.
However, we can see that both in terms of supply, the number of active addresses, and market share, USDC is only one-third the size of USDT. With Coinbase opening up pathways for CeFi and DeFi, as well as for online shopping and physical consumption, the growth of USDC should be able to continue.
Reopen the contract button for Americans
In addition to its efforts in the stablecoin sector, Coinbase has also made a "killer move" in trading. This series of actions is a response to its last quarter earnings report, in which its earnings per share (EPS), revenue, and platform earnings all fell collectively. Compared to spot trading, which is more affected by market fluctuations, contract trading is a more "stable" source of income.
As a result, Coinbase has taken a number of steps, most notably its recent announcement that it will launch a 24/7 perpetual futures contract feature in the U.S. that complies with the Commodity Futures Trading Commission's (CFTC) requirements, following the launch of Coinbase's 24/7 perpetual futures contracts in the U.S CFTC-regulated derivatives trading platform FairX), LLC has launched 24/7 Bitcoin and Ethereum futures trading. Also in May, Coinbase completed the acquisition of Deribit, one of the world's largest crypto options exchanges, and thus Coinbase began to join the ranks of the top derivatives market.
Deribit has a strong influence in non-US markets, particularly in Asia and Europe. The acquisition allows it to gain a dominant position in Bitcoin and Ethereum options trading, accounting for approximately 80% of global options trading volume, with daily trading volumes exceeding $2 billion. At the same time, 80-90% of Deribit's client base consists of institutional investors, and its expertise and liquidity in the Bitcoin and Ethereum options market are highly favored by institutions. The compliance advantages of Coinbase, combined with its already robust institutional ecosystem, make it even more suitable. By leveraging institutions as a point of entry, it can face pressure from giants like Binance and OKX in the derivatives market.
The U.S. market has not had an exchange launch compliant derivatives for a long time after the compliance cleanup a few years ago, and the U.S. market has always been a "sweet spot" in the eyes of exchanges, but for "U.S. players", in addition to CME Group and other on-chain exchanges that provide ETH and BTC options for institutions, they are on-chain exchanges that bypass regulation, such as Hyperliquid, which began to rise a while ago. Coinbase's unique "monopoly" market has created a shortcut for it in the derivatives space.
As various CEX platforms face a slowdown in market user growth at this stage, while continuing to seek new revenue streams, whether the simultaneous emergence of multiple measures by Coinbase can reshuffle the existing landscape of CEX remains to be seen.
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Coinbase wants to be the "Binance of America"
Written by: Rhythm BlockBeats
Coinbase released several major updates on June 13. First, Shopify will enable USDC on Base at checkout through Shopify Payments and Shop Pay. Meanwhile, Coinbase also decided to integrate DEX on the Base chain into the main application. Even more surprisingly, the CFTC-regulated Coinbase announced that it will launch 24/7 perpetual contracts in the U.S. market.
Just like the saying "Slowly, then all at once," Coinbase has thrown a large amount of good news to the market in a short period of time. Whether this series of operations can allow Coinbase to surpass other exchanges and become the largest compliant Crypto ecosystem remains to be seen.
When the exchanges on the S&P 500 list connect to their own public chain
It has to be mentioned that Base, as a Layer 2, has achieved good results within two years of its launch, with 535 protocols, 1.23 million active addresses, a total of $5.1 billion in DeFi TVL, and a total amount of $4.1 billion in stablecoins. In addition to its UOPS (user operations per second), which is far ahead of all Layer 2s, it ranks among the top five of all public chains in terms of the number of protocols, protocol revenue, number of active addresses, and the total amount of TVL and stablecoins of DeFi.
Base is also experimenting with various on-chain business models, from DID to creator economy, from financial social networking to AI. For on-chain players, the frequency of ultra-high market cap "hit tokens" is relatively low compared to other DEGEN chains, but for developers and product teams, Base is a paradise where they can continuously receive "positive feedback," making Base one of the favorite public chains among developers.
Following in the footsteps of Binance and OKX, at the 2025 Cryptocurrency Summit held yesterday, Max Branzburg, Vice President of Product Management at Coinbase, announced that Coinbase will integrate DEX on the Base chain into its main application, with future applications embedding DEX trading. Coinbase now has over 100 million registered users, with 8 million active trading users each month, and according to Coinbase's investor report, the value of customer assets on its platform is $328 billion.
While retail transactions only account for about 18% of Coinbase's trading, from 2024 onwards, the proportion of Coinbase's institutional customers' trading volume will continue to increase (Q1 2024 trading volume is $256 billion, accounting for 82.05% of the total trading volume), and with Coinbase's integration of DEXs on Base, it should be able to introduce a large amount of liquidity to tens of thousands of Base on-chain tokens, and more importantly, a large number of products in the Base ecosystem will be owned Coinbase is a possible way to comply with the real world.
Coinbase institutional client trading volume, source: Backlinko
The first to respond to this news was the Base-based DEX Aerodrome, which announced that its DEX functionality on the Base network would be integrated into the Coinbase main app. Following the news, its token $AERO saw a nearly 30% price increase within 24 hours, and then slightly corrected to the current price of $0.62.
How does Coinbase open the stablecoin market for large-scale applications?
Cooperation with Shopify
On June 13, e-commerce platform Shopify announced a partnership with Coinbase and Stripe to enable merchants to accept payments in USDC stablecoin issued by Circle. Through this service, consumers can use USDC on the Base chain for payments in 34 countries. This collaboration will open up avenues for millions of merchants to use USDC, allowing them to choose to receive USDC or receive funds in local fiat currency directly into their bank accounts.
At the same time, Coinbase has also partnered with Shopify to launch the "Commercial Payment Protocol," aimed at addressing the application bottlenecks of cryptocurrency in commercial payment scenarios. The two parties will build new custodial smart contracts on Base, enabling seamless cryptocurrency payments in the e-commerce sector. Authorization, capturing, and refunds will be handled in cooperation with Stripe, providing merchants using local currency or USDC with a completely seamless settlement experience. In the future, the protocol will open APIs that require no knowledge of cryptocurrency, while integrated wallets will allow users to make payments directly through signatures.
As one of the most well-known "independent" e-commerce platforms globally, Shopify's growth trend in recent years is quite evident. In 2023, Shopify's GMV (Gross Merchandise Volume) was $235.91 billion, and by 2024, this figure had reached $292.28 billion, while in the first quarter of 2025, it was $74.75 billion, showing a growth of 23% compared to the same period last year.
Shopify's main customers are in Europe and North America, where cryptocurrency compliance and adoption are relatively high. The advantages of USDC in cross-border payment transfers will bring great convenience to merchants on Shopify, which primarily operates independent sites. Therefore, the cooperation between the two parties may drive a certain percentage of merchants to join this payment system.
Cooperate with American Express
On June 13, Coinbase announced a partnership with American Express to issue the cryptocurrency credit card Coinbase One Card specifically for annual subscribers of Coinbase One, marking the first time American Express has issued a cryptocurrency credit card.
The card offers various benefits, including a $500 monthly fee-free limit and up to 4% Bitcoin cashback on purchases, with the reward rate increasing the more assets you hold on Coinbase.
Graham Stephan, a real estate investor with 5 million subscribers on Youtube, said he wouldn't choose a Coinbase one credit card and would use a Robinhood Gold card, explaining that "you have to hold a certain amount of assets in Coinbase, which would cost at least $10,250 to break even," and "the Robinhood Gold card will get 3% for a $50 annual subscription Unlimited cashback that can be used to invest in BTC. Compared to the standard 2% cashback card, the break-even point for the Robinhood Gold card is $5,000."
With the excellent performance of USDC's issuing company CIRCLE in its recent listing on the US stock market, the trading volume of USDC reached 76 billion dollars this month, surpassing USDT to become the leader in the stablecoin sector.
However, we can see that both in terms of supply, the number of active addresses, and market share, USDC is only one-third the size of USDT. With Coinbase opening up pathways for CeFi and DeFi, as well as for online shopping and physical consumption, the growth of USDC should be able to continue.
Reopen the contract button for Americans
In addition to its efforts in the stablecoin sector, Coinbase has also made a "killer move" in trading. This series of actions is a response to its last quarter earnings report, in which its earnings per share (EPS), revenue, and platform earnings all fell collectively. Compared to spot trading, which is more affected by market fluctuations, contract trading is a more "stable" source of income.
As a result, Coinbase has taken a number of steps, most notably its recent announcement that it will launch a 24/7 perpetual futures contract feature in the U.S. that complies with the Commodity Futures Trading Commission's (CFTC) requirements, following the launch of Coinbase's 24/7 perpetual futures contracts in the U.S CFTC-regulated derivatives trading platform FairX), LLC has launched 24/7 Bitcoin and Ethereum futures trading. Also in May, Coinbase completed the acquisition of Deribit, one of the world's largest crypto options exchanges, and thus Coinbase began to join the ranks of the top derivatives market.
Deribit has a strong influence in non-US markets, particularly in Asia and Europe. The acquisition allows it to gain a dominant position in Bitcoin and Ethereum options trading, accounting for approximately 80% of global options trading volume, with daily trading volumes exceeding $2 billion. At the same time, 80-90% of Deribit's client base consists of institutional investors, and its expertise and liquidity in the Bitcoin and Ethereum options market are highly favored by institutions. The compliance advantages of Coinbase, combined with its already robust institutional ecosystem, make it even more suitable. By leveraging institutions as a point of entry, it can face pressure from giants like Binance and OKX in the derivatives market.
The U.S. market has not had an exchange launch compliant derivatives for a long time after the compliance cleanup a few years ago, and the U.S. market has always been a "sweet spot" in the eyes of exchanges, but for "U.S. players", in addition to CME Group and other on-chain exchanges that provide ETH and BTC options for institutions, they are on-chain exchanges that bypass regulation, such as Hyperliquid, which began to rise a while ago. Coinbase's unique "monopoly" market has created a shortcut for it in the derivatives space.
As various CEX platforms face a slowdown in market user growth at this stage, while continuing to seek new revenue streams, whether the simultaneous emergence of multiple measures by Coinbase can reshuffle the existing landscape of CEX remains to be seen.