Summary: Coinbase announces prediction markets via Kalshi integration, stock trading, and expanded stablecoin tools, marking its transformation from crypto exchange to full financial services platform.
San Francisco — December 17, 2025 — Coinbase Global Inc. has taken a defining step in its evolution from a crypto-only exchange to a broad financial services platform, unveiling an ambitious slate of new products that includes regulated prediction markets, equities trading, and expanded stablecoin capabilities. Announced during the company's end-of-year System Update livestream event, the rollout represents one of the most substantial strategic pivots in Coinbase's decade-long history.
Prediction Markets Come to Coinbase
The centerpiece of the announcement is the launch of prediction markets on the Coinbase app, enabling users to trade event-based contracts tied to real-world outcomes such as macroeconomic data releases, election results, and sector milestones.
Powered initially through a partnership with Kalshi, a federally regulated prediction markets operator, Coinbase's entry into this nascent asset class marks a significant endorsement of the broader industry's legitimacy and growth potential.
Stock Trading Integration
In parallel, Coinbase is introducing traditional stock trading directly within its platform, allowing retail investors in the United States to buy and sell equities alongside cryptocurrencies using a single account. The product supports extended hours trading for eligible symbols, with execution and custody integrated into Coinbase's existing infrastructure.
Breaking Beyond Crypto: A Strategic Inflection Point
For years, Coinbase has quietly prepared to reduce its dependence on crypto trading fees, which have historically driven the bulk of its revenues but are prone to volatility tied to crypto market cycles.
At Wednesday's event in San Francisco, CEO Brian Armstrong framed the product expansion as a natural evolution:
"Coinbase is no longer a place to just trade crypto. It's a place where you can trade everything."
This strategy reflects broader industry trends where major fintech and brokerage platforms — such as Robinhood and SoFi — have built all-in-one services combining stocks, crypto, and other tradable assets.
How Coinbase's New Products Work
Prediction Markets
Prediction markets allow users to speculate on the likelihood of future events by buying and selling binary contracts — essentially bets on yes/no outcomes where correct forecasts yield a payout and incorrect ones result in a loss of the stake.
Although often compared to gambling, prediction markets operate under commodities regulations in the United States and are overseen by the Commodity Futures Trading Commission (CFTC) when structured through federally approved venues like Kalshi.
Coinbase's integration brings thousands of Kalshi-powered contracts directly into its app, broadening access for its tens of millions of users.
Stock Trading and Tokenized Assets
Users will be able to execute trades on major U.S. exchanges with no separate account required, consolidating portfolios that span stocks, crypto, and prediction markets.
Beyond conventional equities, Coinbase also hinted at forthcoming support for tokenized stocks and real-world assets, reflecting a longer-term vision in which nearly any financial instrument could be represented and traded on blockchain rails.
Stablecoin Expansion
Stablecoins — cryptocurrencies pegged 1:1 to fiat currencies — have become central to Coinbase's broader product ecosystem. The exchange plans to make it easier for users and institutions to issue custom stablecoins backed by USDC (USD Coin).
Stablecoins have drawn heightened regulatory attention in 2025, culminating in the GENIUS Act — U.S. legislation that formalized regulatory standards, including reserve requirements and oversight frameworks for stablecoin issuers.
Market Reaction
Following Wednesday's announcement, Coinbase's stock price experienced volatility, reflecting investor uncertainty about near-term revenue impact. Reports indicate that COIN shares fell roughly 3.3 percent during regular trading before recovering in extended hours.
Analysts suggest that while these new offerings may not generate immediate revenue comparable to Coinbase's core crypto trading fees, they could deepen user engagement, increase transaction volumes, and expand addressable markets over the next several years.
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