Why Coinbase’s ‘Everything Exchange’ Could Redefine U.S. Financial Markets

By Ted Late

Coinbase’s new ambition: a universal trading hub

Coinbase is positioning itself at the crossroads of traditional and decentralized finance with its new “Everything Exchange” initiative. Announced on July 31, 2025, the platform will soon offer tokenized stocks, derivatives, prediction markets, and early-stage token sales to U.S. users, a major expansion from its core crypto offerings.

Max Branzburg, Coinbase’s VP of product, stated that the aim is to “bring all assets on-chain” in a unified, accessible platform. “We’re building an exchange for everything,” he told CNBC, highlighting a global vision anchored in speed and accessibility.

The company will begin the rollout domestically and gradually expand internationally, pending jurisdictional approvals. This strategic sequencing reflects not only technical capability but also a savvy read of evolving regulatory conditions in the U.S.

Over the past 3 months, the Coinbase stock gained over 80%, handily beating the broader SP500 index, which gained 13% in the same time period.

Regulatory green shoots and Project Crypto

Coinbase’s timing is no accident. Its announcement came just hours after the U.S. Securities and Exchange Commission introduced Project Crypto, a forward-looking initiative to modernize securities laws and accommodate blockchain-based assets. The agency’s shift suggests a rare window of opportunity: a regulatory environment beginning to embrace tokenization rather than resist it.

In parallel, the Trump administration has been actively reversing previous crypto-hostile policies. This environment has paved the way for firms like Coinbase to explore services that were previously difficult to launch in the U.S. market, particularly those involving real-world asset tokenization and prediction markets.

It’s worth noting that prediction markets have seen a significant rise in popularity recently, with platforms like Polymarket, Kalshi, and other Polymarket alternatives gaining notable steam among traders.

Kraken, competition, and the tokenized asset race

Coinbase isn’t alone. Kraken, a long-standing crypto exchange, recently launched its own suite of tokenized stocks available to users outside the U.S., including high-demand equities like tokenized Apple stock and tokenized Tesla stock. While Kraken’s xStock offering currently remains geographically limited, its presence reinforces the idea that tokenized equities are becoming a competitive frontier among crypto-native platforms.

Read more: xStocks on Kraken Explained: Trade Real Stocks on the Blockchain

Coinbase’s ambition to dominate this space within the U.S. sets it apart. The “Everything Exchange” is clearly more than a branding move; it’s a foundational bet that users want a seamless interface to trade crypto, stocks, and emerging asset types under a single digital roof.

Where Kraken has focused on offering synthetic access to public equities, Coinbase is building a deeper, broader ecosystem, one that could resemble Asia’s super apps like WeChat, according to industry analysts.

Signals from inside Coinbase: revenue, adoption, and infrastructure

Coinbase’s Q2 earnings bolster the case for its next evolution. According to CEO Brian Armstrong, one of the richest people in crypto, the company generated $1.5 billion in total revenue and $1.4 billion in net income for the quarter. Over 80% of U.S.-based Bitcoin and Ethereum ETF assets are currently custodied with Coinbase, reinforcing its status as a cornerstone of the crypto financial system.

It’s Coinbase earnings day.

Some recent highlights:

– $1.5B total revenue, $1.4B net income in Q2
– US perps launched, closing a key gap in market access
– Announced acquisition of Deribit, which will unlock global options
– Stablecoin revenue up 12% Q/Q
– 80%+ of U.S. BTC and… pic.twitter.com/Xhm3y1HFrw

— Brian Armstrong (@brian_armstrong) July 31, 2025

Notably, the company also announced its acquisition of Deribit to unlock options trading globally, and its Base App — a WeChat-inspired platform for crypto-native finance — has already attracted 700,000+ users in its open beta.

These milestones indicate a larger strategy in motion: Coinbase isn’t just expanding services, it’s building the infrastructure to compete with both fintechs and legacy exchanges alike.

Why it matters?

• Coinbase’s move blurs the lines between Wall Street and Web3, redefining what an exchange can offer.
• The tokenization trend is gaining institutional momentum, and Coinbase is positioning itself at the forefront.
• Success could attract mainstream users who seek simplicity in accessing diverse asset classes in one place.
• It sets a precedent for how other U.S.-based platforms might seek to modernize under Project Crypto’s umbrella.
• If adoption accelerates, this could mark the beginning of on-chain capital markets in the U.S.

 

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