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.
The city filed two complaints in the Circuit Court for Baltimore City on 13 August under an ordinance of its own, and the Kalshi case also names Robinhood, Webull and Coinbase, because each takes a fee on every event contract sold through its…
Staff at the derivatives regulator wrote to every venue listing event contracts to say that displaying them in American plus-minus odds, rather than in cents, is likely to mislead customers about what they are buying and risks breaching the…
A federal judge in Detroit refused to stop Michigan enforcing its sports betting law against Coinbase, finding that sports event contracts are probably not swaps under the Commodity Exchange Act and that, even if they were, the Act does not displace…
A principles-based rewrite of Parts 37, 38 and 39 would police affiliations between exchanges, clearers and trading firms—the integrated structure crypto platforms made standard in derivatives markets.
Revenue of $1.22bn missed on both the trading and subscription lines and the shares fell about 5% after hours, in a quarter the exchange's own release leads on a record 10.3% share of crypto trading volume.
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.
The city filed two complaints in the Circuit Court for Baltimore City on 13 August 2026 under its Consumer Protection Ordinance. The Kalshi case also names Robinhood, Webull and Coinbase, pleading that each takes a fee alongside Kalshi on every event contract bought through its prediction markets hub, and seeks penalties, an injunction, disgorgement and restitution.
Judge Shalina D. Kumar of the US District Court for the Eastern District of Michigan denied Coinbase Financial Markets a preliminary injunction on 6 August 2026, holding that sports event contracts are probably not swaps under the Commodity Exchange Act and that the Act preempts Michigan's gambling laws neither expressly nor by implication. The Gaming Control Board was dismissed on Eleventh Amendment grounds.
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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