News, data and analysis on tokenized assets, market design and digital economic systems.
The largest US cryptoasset exchange, public on Nasdaq since April 2021, which reported $202bn of trading volume in the quarter to 31 March 2026 and takes 50% of residual reserve income as the principal distributor of USDC.
The largest US cryptoasset exchange, founded in June 2012 by Brian Armstrong and Fred Ehrsam and public since a direct listing on Nasdaq on 14 April 2021 under the ticker COIN; it reported $202bn of trading volume in the quarter to 31 March 2026 and $294bn of assets held on the platform at that date. It is the principal distributor of USDC, holds an equity stake in Circle and, under the arrangement Circle disclosed in its registration statement, receives 50% of residual reserve income, so the exchange captures part of the yield on reserve assets it does not own. It also operates Base, the Ethereum layer-2 it launched in 2023 on Optimism's OP Stack, which held $3.85bn of value in February 2026 when Base announced it would consolidate onto its own codebase and manage upgrades directly. Its combination of exchange, custody, prime brokerage and a network it controls puts it on both sides of the venue-and-infrastructure divide.
Developments in which Coinbase Global, Inc. is a named party, newest first.
Abu Dhabi's Mubadala Capital placed a $75m private markets strategy onchain through the KAIO platform on 23 July 2026, issuing on Solana, Sui and Base. Coinbase took exposure to the tokenized fund.
Coinbase said the Commission de Surveillance du Secteur Financier had authorised it as a crypto-asset service provider under the Markets in Crypto-Assets Regulation, with Luxembourg as its EU hub. The single authorisation replaces the separate national registrations Coinbase held in Germany, France, Ireland, Italy, the Netherlands and Spain and allows it to passport services across the 27 member states.
Circle launched USD Coin as the first issuance under CENTRE's standard, which required members to back all tokens on a fully reserved basis, publish monthly attestations of reserves by certified public auditors, and hold a banking, money transmission or trust licence. Circle stated at launch that while it might be the first USDC issuer it would "certainly not be the last", establishing a multi-issuer model for a single dollar token.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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