Coinbase is no longer positioning itself as a crypto-only exchange. The company is assembling an integrated, multi-asset platform designed to keep capital, activity and users within a single system.
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<p>Coinbase is no longer positioning itself as a crypto-only exchange. The company is assembling an integrated, multi-asset platform designed to keep capital, activity and users within a single system.</p>
<adv/><p>That shift is backed by scale. Assets on the platform have increased fivefold over the past three years, surpassing $500 billion by late 2025. Coinbase is using it as the foundation for an “Everything Exchange” that brings equities, derivatives and prediction markets into a unified, on-chain environment.</p>
<adv/><p>At its recent System Update event, the company framed this strategy as a reconfiguration of how financial markets operate. Instead of competing with traditional brokers solely on pricing or features, Coinbase is migrating core market functions onto blockchain infrastructure, narrowing the gaps that have historically separated asset classes and settlement systems.</p>
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<h2>Integrating the Financial Stack</h2>
<p>At the core of Coinbase’s strategy is vertical integration, which allows the company to align infrastructure, liquidity and user access within a single operating environment. Coinbase now increasingly controls how transactions are settled, how capital moves and how users interact with the platform.</p>
<p>This integration compresses the distance between different parts of the financial stack. Settlement takes place on Coinbase’s own Layer 2 network, while capital circulates through a unified monetary layer anchored in USDC.</p>
<p>At the user level, access to this system is abstracted through a simplified interface that removes much of the operational complexity traditionally associated with blockchain-based finance.</p>
<p>Together, these layers function as a continuous system rather than a series of hand-offs between independent providers. The practical effect is the ability to reuse capital across products in near real time.</p>
<p>Assets held in one part of the platform can serve as collateral elsewhere, enabling positions in derivatives or prediction markets without the delays and intermediaries typical of traditional financial systems.</p>
<h2>Creating a Self-Reinforcing Financial Flywheel</h2>
<p>This integrated model increasingly resembles the approach Amazon used to expand beyond its original product categories. Rather than treating each service as a standalone offering, Coinbase is building an environment in which different parts of the platform continuously feed into one another, keeping users, capital and activity within a single system.</p>
<p>Low-friction entry points, such as zero-fee equity trading, bring users and assets onto the platform. Once inside, capital can circulate across a widening range of use cases, from retail investing to more complex products and corporate financial operations.</p>
<p>Tools aimed at businesses, including payments and treasury functions, further anchor balances within the ecosystem, while emerging machine-to-machine payment standards extend this logic to automated, software-driven activity. Advisory tools sit on top of this infrastructure, using real-time on-chain data to guide decisions rather than relying on static portfolio models.</p>
<p>None of these offerings is transformative in isolation. Taken together, they form a reinforcing flywheel in which infrastructure, liquidity and user engagement strengthen one another.</p>
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<h2>Regulation as the Foundation for Scale</h2>
<p>Coinbase’s push toward an integrated, multi-asset platform is underpinned by a deliberate regulatory strategy. As the company expands beyond crypto into equities, derivatives and tokenised real-world assets, regulatory coverage becomes a prerequisite rather than a constraint.</p>
<p>In Europe, its MiCA licence provides a single legal framework to operate across all 27 EU member states, allowing new products to be rolled out at scale rather than market by market.</p>
<p>In Canada and the United States, Coinbase has pursued structures that support closer integration with traditional banking and securities infrastructure, laying the groundwork for regulated trading beyond spot crypto.</p>
<p>This regulatory positioning is central to Coinbase’s broader model. Initiatives such as tokenisation of real-world assets require legal certainty for institutional participants, particularly when moving instruments like private debt or property onto blockchain rails.</p>
<p>Without regulatory alignment, the integrated stack that underpins Coinbase’s “Everything Exchange” would struggle to attract the scale of capital needed to function as a true financial operating layer.</p>
<h2>The Bottom Line</h2>
<p>The System Update signalled a shift in how Coinbase positions itself within the financial landscape. The company is no longer focused on individual asset classes. Instead, it is assembling a broader financial operating layer—one that unifies infrastructure, liquidity and user access into a single, cohesive system.</p>
<p>If Amazon’s advantage lay in owning logistics, payments and distribution end-to-end, Coinbase is pursuing a comparable model for capital markets. Whether this approach ultimately reshapes retail and institutional finance will depend on execution and regulatory outcomes. What is already clear, however, is that competition is moving beyond individual products towards control of the underlying financial rails.</p>

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How Coinbase Is Building a Gateway to Everything in Finance

Coinbase 不再将自身定位为一家纯粹的加密货币交易所。该公司正在构建一个集成化的多资产平台，旨在将资金、交易活动和用户集中在一个系统中。

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<div><div><p>Coinbase不再将自身定位为一家纯粹的加密货币交易所。该公司正在构建一个集成化的多资产平台，旨在将资金、交易活动和用户集中在一个系统中。</p><adv/><p>这一转变得益于其规模优势。过去三年，该平台的资产规模增长了五倍，预计到2025年底将超过5000亿美元。Coinbase正以此为基础，打造一个“万能交易所”，将股票、衍生品和预测市场整合到一个统一的链上环境中。</p><adv/><p>在最近的系统更新活动中，该公司将此战略定义为对金融市场运作方式的重新配置。Coinbase 不再仅仅依靠价格或功能与传统经纪商竞争，而是将核心市场功能迁移到区块链基础设施上，从而缩小历史上资产类别和结算系统之间的差距。</p><p><iframe/></p><h2>整合金融堆栈</h2><p>Coinbase战略的核心是垂直整合，这使得公司能够在单一运营环境中整合基础设施、流动性和用户访问。如今，Coinbase对交易结算方式、资金流动方式以及用户与平台的互动方式拥有越来越大的控制权。</p><p>这种整合缩短了金融体系不同部分之间的距离。结算在 Coinbase 自有的 Layer 2 网络上进行，而资金则通过以USDC为锚定的统一货币层流通。</p><p>在用户层面，对该系统访问的抽象是通过一个简化的界面实现的，该界面消除了传统上与基于区块链的金融相关的许多操作复杂性。</p><p>这些层级共同构成一个连续的系统，而非独立供应商之间的一系列交接。其实际效果是能够近乎实时地在不同产品间重复利用资金。</p><p>平台某一部分持有的资产可以作为其他地方的抵押品，从而可以在衍生品或预测市场中进行交易，而无需像传统金融系统那样存在延迟和中介机构。</p><h2>打造自我强化的财务飞轮</h2><p>这种整合模式越来越类似于亚马逊过去拓展业务、超越其原有产品类别的方法。Coinbase并没有将每项服务视为独立产品，而是构建了一个平台内部不同部分相互融合的环境，从而将用户、资金和交易活动整合到一个统一的系统中。</p><p>低门槛的准入方式，例如零手续费股票交易，能够吸引用户和资产进入平台。一旦进入平台，资金便可在日益广泛的应用场景中流通，从零售投资到更复杂的产品和企业金融运营。</p><p>面向企业的工具，包括支付和资金管理功能，进一步巩固了生态系统内的资金余额，而新兴的机器对机器支付标准则将这一逻辑扩展到自动化、软件驱动的活动中。咨询工具则建立在这一基础设施之上，利用链上实时数据指导决策，而非依赖静态的投资组合模型。</p><p>这些举措单独来看都不具备变革性。但它们共同构成了一个良性循环，基础设施、流动性和用户参与度相互促进，彼此增强。</p><p> [#highlighted-links#]</p><h2>监管是规模化的基础</h2><p>Coinbase 致力于打造一体化的多资产平台，其背后有着一套深思熟虑的监管策略。随着公司业务从加密货币扩展到股票、衍生品和代币化的现实世界资产，监管合规不再是制约因素，而是先决条件。</p><p>在欧洲，其 MiCA 许可证提供了一个统一的法律框架，使其能够在所有 27 个欧盟成员国开展业务，从而可以大规模地推出新产品，而不是逐个市场地推出。</p><p>在加拿大和美国，Coinbase 一直致力于构建与传统银行和证券基础设施更紧密整合的架构，为超越现货加密货币的受监管交易奠定基础。</p><p>这种监管定位是 Coinbase 整体模式的核心。诸如现实世界资产代币化之类的举措需要为机构参与者提供法律确定性，尤其是在将私人债务或房地产等工具转移到区块链平台时。</p><p>如果没有监管方面的协调，支撑 ​​Coinbase “万能交易所” 的集成技术栈将难以吸引足够的资本，从而无法作为真正的金融运营层发挥作用。</p><h2>底线</h2><p>此次系统更新标志着 Coinbase 在金融领域的定位发生了转变。该公司不再专注于单一资产类别，而是致力于构建一个更广泛的金融运营层——将基础设施、流动性和用户访问整合到一个统一的系统中。</p><p>如果说亚马逊的优势在于拥有端到端的物流、支付和分销能力，那么Coinbase则正在资本市场领域寻求类似的模式。这种模式最终能否重塑零售和机构金融格局，将取决于其执行情况和监管结果。然而，显而易见的是，竞争的焦点正从单个产品转向对底层金融体系的控制。</p></div></div>

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