Overview: Felix, PANews

On the evening of December 17, Coinbase held an online live launch event for "System Update 2025," featuring CEO Brian Armstrong and other executives. During the event, Coinbase announced a series of new products aimed at expanding its business into stocks, more advanced trading, and prediction markets, while also increasing its investment in its on-chain ecosystem and providing new tools for enterprises and developers. Although many of these products were previewed months ago, Coinbase stated that they are fully developed and ready to launch at any time.

Launch of Stock Trading Feature

The core of this business expansion is Coinbase's entry into the stock trading sector, which has now begun rolling out this service to U.S. users. This feature allows users to buy, sell, and manage stocks, ETFs, and crypto assets using USD or USDC within the same Coinbase account.

The trading feature is permanently commission-free, with some stocks offering extended trading hours, available five days a week, 24 hours a day; initially supporting a selection of popular stocks and ETFs, with plans to expand to thousands of assets in the coming months.

In addition to spot stock trading, Coinbase is also preparing to launch perpetual futures linked to stocks, allowing users outside the U.S. to invest in U.S. stocks continuously and efficiently. The company plans to expand the coverage of stock perpetual futures early next year.

Furthermore, while tokenized stocks have not yet officially launched, Coinbase plans to introduce Coinbase Tokenize, an institutional platform aimed at supporting the issuance and management of tokenized real-world assets, including stocks, with more details expected to be announced in 2026.

By integrating cryptocurrency with traditional stock trading in one app, Coinbase aims to directly challenge traditional brokers like Robinhood.

Entry into Prediction Markets

Coinbase also announced its entry into prediction markets. By partnering with the regulated prediction market Kalshi, it will launch event-based contract trading services, allowing users to bet on events such as elections, sports events, and economic indicators, with the prices of event contracts determined by the collective trading activities of market participants.

Coinbase stated that all prediction market contracts at launch will come from Kalshi, with plans to support contracts from more prediction market platforms in the coming months.

This feature is currently being gradually rolled out to U.S. users, with a minimum contract trading price starting at just $1, and transactions can be conducted using USD or USDC. Users will see their position information displayed alongside their existing cryptocurrency, stock, and cash balances in the Coinbase app.

Other New Products and Features

Simplified Perpetual Contract Trading

Coinbase will introduce a simplified futures and perpetual contract trading experience in the app. The new interface is designed to make futures and perpetual contracts easier to use, allowing users to engage in leveraged trading with less upfront capital through a simplified experience similar to spot trading.

Expanded In-App DEX Trading

Coinbase will also support instant trading of all Solana assets. The Solana ecosystem DEX aggregator Jupiter has been integrated into the Coinbase interface. This integration allows users to trade immediately after the issuance of Solana tokens. Jupiter will handle price discovery and routing, while Coinbase will manage user experience and wallet processes.

This service will be gradually rolled out in the coming weeks, initially prioritizing U.S. users before expanding further. Coinbase stated that users currently have access to millions of assets on Solana and its own Base network, with plans to extend DEX functionality integration to other networks in the future.

Coinbase Advisor

Coinbase will launch an AI-driven wealth management tool called Coinbase Advisor, providing users with professional-level financial advice. This AI financial assistant is directly embedded in the app, allowing users to ask questions, build portfolios, and receive personalized advice based on Coinbase's products and market data. The beta version of Coinbase Advisor is being rolled out to early users.

Coinbase Business

Coinbase is further expanding its financial services for enterprises. Coinbase Business is now fully open to eligible businesses in the U.S. and Singapore. This is an exclusive financial platform aimed at startups and small to medium-sized enterprises, designed to help them leverage the speed, reach, and efficiency of cryptocurrency for their daily operations.

This product allows startups and small businesses to send and receive payments globally, manage crypto assets, earn USDC balance rewards, and automate financial workflows. Coinbase stated that enterprise users will soon gain access to the same expanded trading features as retail platforms.

Custom Stablecoins

Coinbase also highlighted new features related to stablecoins, launching a custom branded stablecoin service that allows businesses or projects to create their own branded stablecoins, supporting flexible collateralization with assets like USDC. Coinbase stated that early partners exploring this product include Flipcash, Solflare, and R2.

This move positions Coinbase in more direct competition with stablecoin infrastructure providers like Paxos and Anchorage. Coinbase has also applied for a National Trust Company (NTC) license with the Office of the Comptroller of the Currency (OCC), and the application is still under review.

Enhancing Payment Infrastructure

Coinbase will also expand its developer platform, providing APIs covering areas such as custody, payments, trading, and stablecoins. Coinbase stated that companies like Deel, Papaya, Routable, and dLocal are already using Coinbase's payment APIs.

At the same time, Coinbase highlighted x402, an open payment standard that allows stablecoin payments to be attached to web requests. Coinbase stated that it is working with Cloudflare and other partners to develop the x402 foundation to further advance the standard.

Coinbase emphasized that this system update aims to build the financial system of the future: always online, more efficient, and more inclusive. After the event, Coinbase's stock price rose slightly by about 1.5% in after-hours trading. Analysts believe that while these new features may not significantly boost revenue in the short term, they are expected to open up new revenue opportunities worth billions of dollars in the long run (such as prediction markets and tokenized stocks).

This launch event may mark a key step for Coinbase in its transformation from a pure cryptocurrency exchange to a comprehensive financial platform. Coinbase has previously proposed to create an "Everything Exchange," a one-stop platform that supports users in trading various assets anytime and anywhere. If these features are successfully implemented, it will further promote the integration of cryptocurrency and traditional finance.

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