Coinbase released several major updates on June 13. First, Shopify will enable USDC on Base in the checkout page through Shopify Payments and Shop Pay. At the same time, Coinbase also decided to integrate the DEX on the Base chain into the main application. What is even more surprising is that Coinbase, which is regulated by the CFTC, announced that it will launch 24/7 perpetual contracts in the US market.
Just like the saying Slowly, then all at once, Coinbase has thrown a lot of good news to the market in a short period of time. And whether this series of operations can make Coinbase surpass other exchanges in one fell swoop and become the largest compliant Crypto ecosystem.
When exchanges on the SP 500 list connect to their own public chains
It is worth mentioning that Base, as a Layer 2, has achieved good results within two years of its launch, with 535 protocols, 1.23 million active addresses, a total DeFi TVL of US$5.1 billion, and a total stablecoin volume of US$4.1 billion. In addition to its UOPS (user operations per second), which is far ahead of all Layer 2s, Base ranks among the top five of all public chains in terms of the number of protocols, protocol revenue, number of active addresses, DeFi TVL, and total stablecoin volume.
Base is also trying various on-chain business models, from DID to creator economy, from financial social networking to AI. For on-chain players, the frequency of explosive tokens with super high market value is relatively low compared with other DEGEN chains, but for developers and product project parties, Base is a paradise where they can continuously obtain positive feedback, which also makes Base one of the most popular public chains for developers.
Following the footsteps of Binance and OKX, Max Branzburg, Vice President of Product Management at Coinbase, announced at the 2025 Cryptocurrency Summit held yesterday that Coinbase will integrate the DEX on the Base chain into the main application, and future applications will embed DEX transactions. Coinbase now has over 100 million registered users and 8 million monthly active trading users. According to Coinbases investor report, the value of customer assets on its platform is $328 billion.
Retail transactions only account for about 18% of Coinbases transactions. Starting in 2024, the proportion of Coinbases institutional clients transactions will continue to increase (the transaction volume in Q1 2024 was US$256 billion, accounting for 82.05% of the total transaction volume). As Coinbase integrates DEX on Base, it should be able to introduce a large amount of liquidity for tens of thousands of Base chain tokens. More importantly, a large number of products in the Base ecosystem will have the possibility of Coinbases compliance channel with the real world.
Coinbase institutional customer trading volume, source: Backlinko
The first to respond to the news was Bases leading DEX Aerodrome, which announced that the DEX function of its Base network will be integrated into the Coinbase main app. As the news spread, the price of its token $AERO rose by nearly 30% within 24 hours, and then slightly adjusted to the current price of US$0.76.
How does Coinbase open up the large-scale application of the stablecoin market?
Partnership with Shopify
On June 13, the e-commerce platform Shopify announced a partnership with Coinbase and Stripe to support merchants to accept USDC stablecoin payments issued by Circle. Through this service, consumers can use USDC on the Base chain for payments in 34 countries. This cooperation will open up a channel for millions of merchants to use USDC. Merchants can choose to receive USDC or receive payments in local fiat currency and deposit them directly into bank accounts.
At the same time, Coinbase also jointly launched the Business Payment Protocol with Shopify, aiming to solve the application bottleneck of cryptocurrency in commercial payment scenarios. The two parties will build a new escrow smart contract on Base to make cryptocurrency payments seamless in the e-commerce field. Authorization, capture, refund, and Stripe will also cooperate to provide a completely seamless settlement experience for merchants using local currency or USDC. In the future, the protocol will open the API without any encryption knowledge, and the integrated wallet will allow users to pay directly through signatures.
As one of the worlds most well-known independent station e-commerce platforms, Shopifys growth trend in recent years is visible to the naked eye. In 2023, Shopifys GMV (Gross Merchandise Volume) was US$235.91 billion, and by 2024, this figure had reached US$292.28 billion, and in the first quarter of 2025 it was US$74.75 billion, an increase of 23% compared with the same period last year.
Shopifys main customers are in Europe and North America, two regions with high compliance and popularity of cryptocurrencies. USDCs advantages in cross-border payment transfers will bring great convenience to merchants on Shopify that mainly operate independent sites. Therefore, the cooperation between the two parties may drive a certain proportion of merchants to join the payment system in this field.
Partnering with American Express
On June 13, Coinbase announced a partnership with American Express to issue a cryptocurrency credit card, Coinbase One Card, exclusively for annual subscribers of Coinbase One. This is the first time American Express has issued a cryptocurrency credit card.
The card offers a variety of benefits, including a $500 monthly 0-fee credit and up to 4% Bitcoin rebate on purchases, with the more assets held on Coinbase, the higher the rewards rate.
Graham Stephan, a real estate investor with 5 million subscribers on Youtube, said he would not choose a Coinbase one credit card, but would use the Robinhood Gold card, explaining that you have to hold a certain amount of assets in Coinbase, which costs at least $10,250 to break even. The Robinhood Gold card is a $50 annual subscription, and then you can get 3% unlimited cash back, which can be used to invest in BTC. Compared with the standard 2% cash back card, the break-even point of the Robinhood Gold card is $5,000.
With the excellent performance of CIRCLE, the issuing company of USDC, which was listed on the U.S. stock market a few days ago, the trading volume of USDC reached 76 billion US dollars this month, surpassing USDT to become the top of the stablecoin track.
But we can see that whether it is the supply, the number of active usage addresses or the market share, USDC is only 1/3 of USDT. After Coinbase opens the channels of CeFi and DeFi, online shopping channels, and physical consumption channels, the growth of USDC should be able to continue.
Reopen the contract button for Americans
In addition to its efforts in the stablecoin sector, Coinbase also made a killer move in trading. This series of operations was also its response to last quarters financial report. Last quarter, its earnings per share (EPS), revenue, and platform revenue all declined collectively. Compared with spot trading, which is more affected by the market, contract trading is a more stable source of income.
Therefore, Coinbase has taken a series of measures, the most important of which is its recent announcement that it will launch a 24/7 perpetual futures contract function in the United States that complies with the requirements of the Commodity Futures Trading Commission (CFTC). Prior to this, on May 9, Coinbase had launched 24/7 Bitcoin and Ethereum futures trading through its CFTC-regulated exchange Coinbase Derivatives (formerly the CFTC-regulated derivatives trading platform FairX), LLC. Also in May, Coinbase completed the acquisition of Deribit, one of the worlds largest cryptocurrency options exchanges. At this point, Coinbase began to join the competition in the top derivatives market.
Deribit has a strong influence in non-US markets (especially Asia and Europe), and the acquisition has given it a dominant position in Bitcoin and Ethereum options trading, accounting for about 80% of global options trading volume, and maintaining a daily trading volume of more than $2 billion. At the same time, 80-90% of Deribits customer base are institutional investors. Its professionalism and liquidity in the Bitcoin and Ethereum options markets are favored by institutions. Coinbases compliance advantages and the already perfect institutional ecology make it more adaptable. Using institutions as an entry point allows it to face the squeeze of giants such as Binance and OKX in the derivatives market.
After the compliance cleanup a few years ago, no exchange in the US market launched compliant derivatives for a long time. The US market has always been a hot commodity in the eyes of exchanges, but for US players, in addition to CME Group, which provides ETH and BTC options to institutions, there are also on-chain exchanges that bypass regulation, such as Hyperliquid, which started to rise a while ago. Coinbases unique monopoly market has created a shortcut for it in the field of derivatives.
As various CEXs face a slowdown in market user growth at this stage and continue to look for new revenue tracks, the simultaneous outbreak of multiple measures by Coinbase will likely reshuffle the existing CEX landscape.
