Jessy, Jinse Finance
On June 18, Coinbase announced the launch of Coinbase payments service, which uses USDC as the core settlement asset, claiming to enable near-instant cross-border transactions with a fee of less than $0.01 per transaction. The service, through collaboration with Shopify, introduces decentralized payment into the global e-commerce system, becoming the first stablecoin payment solution designed specifically for large e-commerce platforms.
With the listing of the first compliant stablecoin stock Circle, and the passage of the US GENIUS Act by the Senate on June 17, the stablecoin wave is rising again. Coinbase is an unavoidable key company when discussing this topic, not only because it holds shares in Circle and is a joint issuer of USDC, but also due to its series of explorations in specific stablecoin applications.
Coinbase's practices are not limited to stablecoins. On June 17, Coinbase's Chief Legal Officer Paul Grewal revealed that the company is seeking SEC approval to launch a "tokenized stock" service.
From a compliant US-listed cryptocurrency exchange to a compliant stablecoin and seeking stock tokenization, Coinbase is racing along the path of crypto compliance.
Securing the First Spot in Crypto Compliance
Founded in 2012 and listed in 2021, Coinbase is the first mainstream cryptocurrency exchange listed in the US. According to its 2024 annual report, it has upgraded from a simple trading service provider to a "crypto economic infrastructure provider". Currently, its main services include retail trading, institutional services, blockchain rewards, and technical solutions.
Its business performance is impressive. In the first quarter of 2025, stablecoin revenue reached $298 million, a significant 51% increase from $197 million in the same period of 2024. Additionally, a BitMEX Research report shows that Coinbase's custody business provides underlying technology for nine Bitcoin spot ETF issuers, including BlackRock, with a market share of 91%. This means Coinbase has essentially dominated the infrastructure services of two core compliant crypto businesses: stablecoins and ETFs.
With its foundational business steadily strengthened, Coinbase's stock performance has been consistently strong. On December 20, 2024, it was officially included in the S&P 500 index, becoming the first directly listed cryptocurrency exchange stock.
On June 18, influenced by the launch of Coinbase payments service and the ongoing pursuit of SEC approval for "tokenized stock" service, its stock COIN showed strong performance, with trading volume surging 329.55% compared to the previous trading day and stock price rising 16.27% to close at $295.29.
Advancing Stablecoin Business and Institutional Collaboration
In the compliant stablecoin business, Coinbase first holds shares in Circle, jointly issues USDC, and co-established the CENTRE alliance to govern USDC.
On the other hand, it is actively expanding USDC's application channels. In payment infrastructure, it launched Coinbase Payments service, using USDC as the core settlement asset, claiming near-instant cross-border transactions with fees under $0.01. Moreover, according to June 18 news, Coinbase Derivatives is collaborating with clearing house Nodal Clear, planning to include USDC in qualified collateral for US futures trading by 2026, which would enhance Coinbase's influence and competitiveness in the futures trading market.
More notably, it is embracing collaboration with traditional financial giants. Bloomberg reported on June 18 that JPMorgan will pilot JPMD tokens representing US dollar deposits on the Base blockchain associated with Coinbase, initially only open to institutional clients. JPMD tokens have significant advantages: potentially reducing cross-border transaction settlement time from days to seconds/minutes, and being based on the bank deposit system with possible deposit insurance, offering more stability and trust compared to stablecoins relying on cash equivalent reserves.
Positioning for Tokenized Stocks
In the tokenized stock arena, Coinbase is also actively pushing forward. On June 17, Coinbase's Chief Legal Officer Paul Grewal revealed that the company is seeking SEC approval to launch a "tokenized stock" service.
Tokenized stocks refer to digital assets backed by listed company equity. In such transactions, investors do not directly hold securities but instead hold tokens representing security ownership.
To advance this business, Coinbase needs to obtain a "no-action letter" or exemption from the US SEC. Grewal stated that this would provide confidence to issuers and secondary trading platforms.
As the first US mainstream listed company to actively seek stock tokenization, Coinbase is essentially pushing the SEC to establish regulatory standards for "security tokens". Successfully obtaining a "no-action letter" would create a precedent and clear compliance barriers for the entire industry.
Summary
From a US compliant listed exchange to a compliant stablecoin USDC, and now actively deploying payment networks, embracing traditional financial giant pilots, and proactively exploring tokenized stocks, Coinbase is racing along the path of crypto compliance. Its goal is clear: to build a comprehensive "crypto economic infrastructure" covering trading, payment, stablecoins, asset custody, and future asset tokenization.
Coinbase's actions demonstrate its aim to be the first in compliance across all aspects of the industry, driving regulatory establishment and potentially becoming a regulatory benchmark. Against the backdrop of gradually clarifying regulatory environments and accelerated traditional finance entry, Coinbase's strategic layout holds profound significance for both its own development and the entire crypto industry's compliance process.
