2025-11-16 07:38
Coinbase’s Everything-Exchange Gambit: Derivatives, Stablecoins and SME Banking on One Stack
Coinbase is no longer content with being the blue-chip crypto on-ramp. With US-listed perpetual futures up to 10x leverage, the acquisition of Deribit, plans to add stocks and commodities, a regulatory green light for stablecoins under the Genius Act, and a push into SME banking, the company is trying to become an everything exchange. The upside is a dominant position at the intersection of markets and money. The downside is that it starts to look a lot like a systemically important financial institution in regulators’ crosshairs.
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