The largest cryptocurrency exchange in the United States, Coinbase, is pushing "on-chain finance" to the next level. According to a CNBC interview with the company's vice president, Coinbase will open tokenized stocks and prediction markets to U.S. customers, while simultaneously setting up early Token sales features, with the goal of creating an "everything exchange".
One-Stop Blockchain Trading: Three Major Products Emerge
Coinbase's new product targets cover three main axes: tokenized stocks, prediction markets, and early Token sales.
Tokenized stocks put equity on the blockchain, lowering barriers and shortening settlement times. Prediction markets allow users to bet on elections, inflation, or sports events (similar to Polymarket's service), while early Token sales provide new projects with opportunities to reach users. The three businesses are expected to share wallets and identity verification, reducing duplicate development.
Vice President Max Branzburg condensed the vision, saying:
Everything you want to trade, in one place, completed on-chain.
Flexibility and Competitive Pressure Coexist
Coinbase's move reveals its ambition to expand product breadth, but the new products face intense market competition. Robinhood, Kraken, and Gemini have already tested tokenized stocks overseas; Kalshi owns a prediction market license, and Polymarket plans to return to the United States.
If Coinbase can obtain regulatory approval first, it hopes to guide its 11 million monthly active users into the market; otherwise, the U.S. market bonus could be easily divided up.
Regulatory Focus: Who Can Do It?
Among the three goals, tokenized stocks may have the greatest potential. However, the product involves securities law, and with state law differences, there is limited room for innovation. Currently, Coinbase is seeking an SEC "no-action letter" to ensure KYC, anti-money laundering, and information disclosure are in place.
Even with a friendly new government, institutions are still concerned about market manipulation and leverage risks, and timelines could be delayed at any time. However, if regulators do not approve or users are indifferent, substantial compliance and R&D expenses could also become a pressure.
Overall, Coinbase aims to bundle stocks, prediction events, and early Tokens onto the blockchain, bringing a new experimental field to U.S. financial infrastructure. Moving forward, every hearing and every user terms update will be a critical moment in determining whether Coinbase's "everything exchange" ideal can set a new standard.
