few highlights from our new research w/ @TheBlockCo:
- hundreds of millions of dollars are being moved via stablecoins, every hour, around the world. real demand, at scale.
- 73% of volume is happening outside U.S. banking hours, pointing to their appeal both as an alternative when traditional rails are open, and as a necessity when they are not.
money is catching up to the way the world works today.
- hundreds of millions of dollars are being moved via stablecoins, every hour, around the world. real demand, at scale.
- 73% of volume is happening outside U.S. banking hours, pointing to their appeal both as an alternative when traditional rails are open, and as a necessity when they are not.
money is catching up to the way the world works today.
Your life doesn’t run on banking hours, your money shouldn’t either.
Stablecoins already meet that bar – with most volume moving on nights, weekends and holidays.
73% of volume to be exact.
And that’s just one of the findings from our new research with @TheBlockCo ↓
14
7
85
22,681
great getting this group of coinbase acquired founders together. M&A has been critical for Coinbase:
- Xapo helped seed the market leading Custody platform
- Tagomi led to the Coinbase Prime
- FairX and Deribit form the foundation of our global derivatives business
- Echo led to our cap formation efforts and brought us the #1 customer support rep on X
- Vector has built out DEX trading directly in Coinbase
- Clearing Co helped build predictions into our fastest growing revenue stream ever
and many more! joining @coinbase is only the beginning, and we’re always on the hunt for the best new founders/teams to join us.
- Xapo helped seed the market leading Custody platform
- Tagomi led to the Coinbase Prime
- FairX and Deribit form the foundation of our global derivatives business
- Echo led to our cap formation efforts and brought us the #1 customer support rep on X
- Vector has built out DEX trading directly in Coinbase
- Clearing Co helped build predictions into our fastest growing revenue stream ever
and many more! joining @coinbase is only the beginning, and we’re always on the hunt for the best new founders/teams to join us.
Year two of our Acquired Founders Dinner and it’s starting to feel like a tradition. Great to bring together founders who built from the ground up and are now helping shape @coinbase. Good stories, new connections, and a lot of builder energy 📷
17
7
191
77,965
coinbase processed nearly $1T in stablecoin transfer volume in the last year alone, and we’re just getting started with @CoinbaseDev seeing great growth. the next big leap will be integrating stables into traditional capital markets.
great new stablecoin research by @AlliumLabs
great new stablecoin research by @AlliumLabs
Our Q3 State of Stablecoins & Payments report is live.
9 months of onchain data. 15+ industry perspectives, including Visa, Stripe, Coinbase, Citizens, Stellar, Moody's Ratings and more.
From stablecoin supply to payments, cards and AI agents.
Download the full report: allium.so/reports/state-…
7
5
64
3,629
after 8+ years at @coinbase, I'm still learning every day. the past year as CBO and now leading IR has brought a whole new set of challenges and a fresh perspective on the business.
great convo w/ @derekhsue about what we’re building and what’s ahead - with a little padel talk along the way.
great convo w/ @derekhsue about what we’re building and what’s ahead - with a little padel talk along the way.
Earlier this summer I had a great conversation with @ShanAggarwal, Chief Business Officer at @coinbase.
We cover a ton of ground, including what his role entails, how it's evolved through the years, Coinbase's M&A and product strategy, interesting deals he's worked on, and carefolks just starting out.
Shan has a unique vantage point in the industry and it was fun to sit down with him. Hope you enjoy!
-
Timestamps:
(0:00) Intro
(1:37) Shan’s role and his journey from VC to Coinbase
(5:11) Acquiring Tagomi, building Coinbase Prime, and raising in a bear market
(12:03) The evolution of Coinbase’s culture
(25:14) Prediction markets, Coinbase Ventures, and competing with partners
(32:10) Tokenized equities and bootstrapping on-chain liquidity
(36:32) USDC, Hyperliquid, and stablecoin network effects
(40:28) How Coinbase integrates acquired companies
(43:16) Repositioning Coinbase beyond a crypto exchange
(50:39) Padel, protocol IR, and Shan’s crypto convictions
(57:30) Leadership lessons and betting on high-agency people
(1:07:12) Cobie, Echo, and Coinbase’s capital-formation strategy
16
10
184
10,021
“Breaking the Wall” by @citrini really hit the mark. A few things that stood out to me:
- legacy financial rails were built for people, not software acting on their behalf. blockchains offer always-on, programmable infrastructure for a global, 24/7 economy.
- tokenization is bringing treasuries, equities, and credit onchain—where they can move across applications and be used for trading, lending, and collateral.
- the key investment question isn’t just what moves onchain. it’s who captures the value.
that’s why I believe @Coinbase is so well positioned. we’re building well beyond a crypto exchange: bringing trading, payments, and onchain infrastructure together to make financial services more open, global, and useful for people and AI agents.
@base already has the developers and applications. bringing more assets into that ecosystem expands what’s possible.
- legacy financial rails were built for people, not software acting on their behalf. blockchains offer always-on, programmable infrastructure for a global, 24/7 economy.
- tokenization is bringing treasuries, equities, and credit onchain—where they can move across applications and be used for trading, lending, and collateral.
- the key investment question isn’t just what moves onchain. it’s who captures the value.
that’s why I believe @Coinbase is so well positioned. we’re building well beyond a crypto exchange: bringing trading, payments, and onchain infrastructure together to make financial services more open, global, and useful for people and AI agents.
@base already has the developers and applications. bringing more assets into that ecosystem expands what’s possible.
30
13
127
28,618
worth a read for anyone thinking about where AI, financial infrastructure, and tokenization are headed → citriniresearch.com/p/breaking-the…
0
0
7
724
merchants around the world can now enable stablecoin checkout through their existing integration with Yuno
powered by @CoinbaseDev, we're making it easy to accept and use stablecoins
powered by @CoinbaseDev, we're making it easy to accept and use stablecoins
Stablecoin checkouts: ON
Merchants on Yuno's platform can now accept stablecoin payments through their existing integration. No additional development work.
Coinbase payments acceptance is built to be seamless.
2
5
36
3,293
stablecoins are money built for the internet: always on, global, and programmable. exactly what AI agents need to operate in the digital economy.
thanks for the chat @watchbmtv @BitcoinMagazine!
thanks for the chat @watchbmtv @BitcoinMagazine!
Coinbase's Shan Aggarwal (@ShanAggarwal) on AI agents paying in Bitcoin and stablecoins:
"We think AI agents will drive the next wave of commerce and they're going to need money that's programmable, global, and always on."
"Right now, what we see is that the dominant asset that ssets is stablecoin, but we enable agents to use any crypto asset."
5
6
59
4,701
Coinbase Derivatives open interest across US and non-US (incl Deribit) is now over $50B.
Perps in the US are scaling nicely, with Deribit enroute to the US soon giving US users access to even deeper liquidity. Higher.
Perps in the US are scaling nicely, with Deribit enroute to the US soon giving US users access to even deeper liquidity. Higher.
Record-breaking week for Coinbase Derivatives.
Open interest just hit an all-time high of $1.6B, with over $6B in notional volume already traded this week.
And we’re just warming up for Q4.
6
7
75
4,981
tap the cashtag, trade it on @coinbase
See a ticker on 𝕏.
Tap the Cashtag.
Trade it on Coinbase.
5
0
49
6,541
last year @coinbase closed the biggest acquisition in crypto history with @DeribitOfficial. I get asked a lot about how it's going, and the answer is - largely great! some wins from the team from the last few weeks:
- launched 100+ new USDC-settled contracts across 5 market areas, including pre-IPO perps, part of Deribit's largest-ever perps expansion
- offered equities and ETFs as perps for the first time
- rolled out a new matching engine to boost the core trading infra, making the trading environment faster and more predictable at scale without changing the user experience
- added access to to Coinbase spot liquidity for Deribit spot execution
integrations are hard and still a lot of work to do, but excited to share more milestones in the near future
- launched 100+ new USDC-settled contracts across 5 market areas, including pre-IPO perps, part of Deribit's largest-ever perps expansion
- offered equities and ETFs as perps for the first time
- rolled out a new matching engine to boost the core trading infra, making the trading environment faster and more predictable at scale without changing the user experience
- added access to to Coinbase spot liquidity for Deribit spot execution
integrations are hard and still a lot of work to do, but excited to share more milestones in the near future
11
8
145
12,878
IPOs on Coinbase look good. First up, Oura.
Now you can participate in IPOs on Coinbase
We’re giving US retail customers more access to primary financial markets.
This is the next step toward building the Everything Exchange, a trusted platform to trade any asset at any stage of its lifecycle.
12
9
182
14,150
it's only been a few days since the CLARITY vote, and already we're seeing the SEC and CFTC step up
this tokenization exemption from the SEC sets up the ability to offer tokenized stocks in the US
reg clarity on the move
this tokenization exemption from the SEC sets up the ability to offer tokenized stocks in the US
reg clarity on the move
The best financial products and opportunities should be in America.
Tokenized stocks now move closer than ever to launching in the US, thanks to the SEC.
Clarity is still coming to crypto.
6
5
77
4,097
moov last week, stablecore this week
we’re bringing digital assets to banks!
we’re bringing digital assets to banks!
Crypto and stablecoins are coming to your local bank app.
We're partnering with Stablecore to integrate regulated digital asset custody, trading, and payments into thousands of community banks and credit unions.
Finance is moving onchain - banks included.
3
5
49
3,299
disappointing, but we're not slowing down and the industry won't either
our business has been built through years of uncertainty and hostile regimes, we're used to it
zooming out, we're in a significantly better place today than we were a few years ago - pro innovation SEC/CFTC and GENIUS going into effect in early 2027
today was a missed opportunity for the US, but the biggest opportunities for the industry are still ahead and we've made meaningful progress over the past few years
our business has been built through years of uncertainty and hostile regimes, we're used to it
zooming out, we're in a significantly better place today than we were a few years ago - pro innovation SEC/CFTC and GENIUS going into effect in early 2027
today was a missed opportunity for the US, but the biggest opportunities for the industry are still ahead and we've made meaningful progress over the past few years
The CLARITY Act didn't advance in the Senate today, which was a disappointment. While it's possible bi-partisan conversations continue and it lives to fight another day, we can't wait on Congress anymore.
The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest.
So clarity is coming to crypto regardless.
And of course GENIUS is already the law of the land for stablecoins, which is even more permissive on rewards. There were some concessions we made on CLARITY that were tough to swallow, so perhaps it's for the best.
Crypto can't be uninvented. With clarity emerging through the regulators, we'll continue updating the financial system.
14
7
179
11,962
