Coinbase is no longer just a centralized exchange—it is becoming the foundational layer for the next phase of onchain finance. The transformation has been driven by several key developments: the launch of the Base App, institutional product expansion, merchant-focused infrastructure, and proactive regulatory alignment. Together, these pillars represent a broader shift in Coinbase’s strategy, one that positions it as a vertically integrated provider of onchain tools, infrastructure, and applications for both consumers and institutions. At the center of this evolution is the Base Layer 2 network and its flagship interface, the Base App. Coinbase is now building not just access to crypto, but the underlying architecture for how crypto will be used at scale.
" It's sort of an everything app."
— Base (@base) July 21, 2025
CNBC breaks down the new @baseapp, and why it matters for creators. pic.twitter.com/O0sMGIFxkB
Redefining the User Experience: Base App and Consumer Onboarding
The Base App marks a turning point in how Coinbase delivers crypto functionality to users. Designed as a unified portal for trading, social activity, messaging, and payments, the app replaces Coinbase Wallet and anchors users directly to the Base network. It features embedded USDC payments, social feeds, Farcaster messaging, mini-app integration, and decentralized identity. This convergence of features turns the Base App into an all-in-one dashboard for onchain life. Users don’t need to toggle between different wallets, exchanges, or social platforms. Everything is embedded within one seamless experience, dramatically lowering the barrier to daily crypto use.
Coinbase has also enhanced the app’s performance using Flashblocks—sub-blocks produced every 200 milliseconds. This innovation creates near-instant transaction feedback, matching the responsiveness of traditional fintech apps. The result is a user interface that feels intuitive, real-time, and interactive, making crypto feel less like an alternative finance system and more like the default. It’s a necessary shift for onboarding the next million users into Web3. But Coinbase didn’t stop at usability—it extended the value layer through its financial services offering.
Delivering Utility: Perpetual Futures, Bitcoin Loans, and Coinbase One
Coinbase has expanded beyond basic spot trading to introduce deeper financial functionality. The launch of perpetual-style futures in the U.S., is a bold step toward regulated onchain derivatives. These contracts offer low minimums, 24/7 trading, and exposure to major assets like Bitcoin and Ethereum. Unlike offshore platforms, Coinbase’s products are compliant with U.S. regulation and offer a secure, transparent alternative for traders seeking leverage and hedging strategies.
At the same time, Coinbase has pioneered a hybrid lending model through its integration with Morpho’s protocol on Base. Users can post Bitcoin as collateral, which is wrapped into cbBTC and deposited into smart contracts. In return, they receive USDC loans without giving up custody. Over $1 billion in BTC has already been pledged through this system. The lending protocol runs directly on Base, blending the custodial safety of centralized finance with the composability of DeFi. It’s a new kind of product that unlocks real-world utility—helping users access liquidity while staying onchain.
Coinbase One complements this ecosystem with membership benefits tailored for everyday users. The product offers zero-fee trading, priority support, boosted staking, and early access to new features. The upcoming Coinbase One Card, powered by American Express, introduces cashback rewards of up to 4% in Bitcoin. This card bridges crypto with traditional point-of-sale experiences, giving consumers a reason to keep assets in the Coinbase ecosystem. By tying financial perks into the user experience, Coinbase is creating a retention loop that anchors users more deeply to the onchain economy.
Why only have 4% back on transportation when you can have up to 4% on every purchase?
— Coinbase 🛡️ (@coinbase) July 25, 2025
Coinbase One Card—available exclusively to Coinbase One members—at no added cost. pic.twitter.com/wUck6npDxy
Building the Stack: Developer APIs and Merchant Integration
Coinbase is now focused on owning the infrastructure stack that powers onchain finance. The launch of the Onramp API allows third-party apps to offer crypto purchases directly inside their interfaces. Users can pay with Apple Pay or debit cards, and purchase up to $500 of crypto without creating a Coinbase account. This significantly reduces friction and opens up a new distribution channel for onchain apps. For developers, the API offers the benefits of Coinbase’s compliance and fiat connectivity without forcing full platform integration.
Stablecoin infrastructure has also become a priority. Coinbase partnered with Shopify and Stripe to bring USDC acceptance to more than one million online stores. It also co-developed the Commerce Payment Protocol—an open standard for accepting USDC checkouts across e-commerce platforms. Together, these tools form the backbone of a stablecoin economy that works across retail and merchant ecosystems. Inside the Base App, Coinbase integrates Base Pay, which lets users transact in stablecoins with minimal fees and high reliability. With fixed transaction costs and a simplified user experience, these tools turn USDC into a mainstream payment method.
Coinbase also launched price widgets and developer documentation to support widespread USDC integration. These tools simplify adoption across merchant websites, financial apps, and consumer products. Coinbase is no longer just helping users buy crypto—it’s building the rails that enable crypto to be used, spent, and integrated into everyday platforms.
Introducing Onramp API 🎉
— Coinbase Developer Platform🛡️ (@CoinbaseDev) July 8, 2025
Now users can buy crypto in your app using Apple Pay without any widgets, pop-ups, or extra steps!
Our launch partner @moonshot is already live – a great example of how you can create a magical UX with natively integrated onramps in your app. pic.twitter.com/XJ5l3rptDw
Scaling with Regulation: MiCA License, Institutional Tokens, and Global Strategy
Regulatory clarity has become a strategic advantage for Coinbase. In July 2025, the company secured a MiCA license through Luxembourg’s CSSF, enabling it to operate across all 27 EU member states. This license streamlines Coinbase’s European operations and positions it as one of the few firms able to offer stablecoin payments, custody, and token trading across the entire EU under a single framework. MiCA compliance supports Coinbase’s efforts to scale the Base App, merchant tools, and institutional offerings in Europe while maintaining regulatory alignment.
In the U.S., Coinbase has prioritized compliant growth. It partnered with Nodal Clear to allow USDC to be used as collateral in regulated futures markets. This opens the door for stablecoin-based clearing and real-time settlement. Coinbase has also recruited the core team from Opyn Markets—including experts in decentralized options and power perpetuals—to lead its Onchain Markets division. This team will help Coinbase build institutional-grade derivatives infrastructure on Base, providing compliant alternatives to offshore DeFi products.
Most notably, JPMorgan’s Kinexys platform deployed a USD deposit token (JPMD) on Base. This marks the first time a major bank has launched a tokenized dollar product on a public blockchain. JPMD allows trusted parties to transfer and settle funds 24/7 using programmable smart contracts. It signals a massive shift in how financial institutions view public networks. Coinbase is not only enabling this change—it is now the infrastructure partner of choice for tokenized financial instruments. That reality positions Base and Coinbase at the core of institutional adoption over the coming decade.
Coinbase secures EU MiCA license pic.twitter.com/M2sN6T2wNs
— Messari (@MessariCrypto) June 20, 2025
Coinbase’s Blueprint for the Onchain Economy
Coinbase’s recent evolution is not just an upgrade—it is a redefinition. The Base App streamlines the user experience while integrating financial services, identity, and payments into one interface. Perpetual futures and lending protocols offer real utility beyond speculation. Developer APIs and merchant standards build the foundation for stablecoin commerce. Regulatory clarity enables global scalability, while institutional confidence brings JPMorgan, Shopify, and Stripe into the ecosystem. Coinbase is no longer just reacting to crypto trends—it is designing the architecture for what comes next.
Together, these moves reflect a blueprint for the next era of digital finance. Coinbase is unleashing the tools, networks, and standards needed to transition from isolated trading platforms to a full-stack, compliant, and composable onchain economy.
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