Overview
- Coinbase research chief David Duong says 2025’s gains will compound in 2026, with faster ETF approvals, greater stablecoin use in delivery-versus-payment, and wider recognition of tokenized collateral.
- The GENIUS Act in the U.S. and MiCA in the EU are giving institutions defined guardrails to plug crypto into payments, collateral and settlement workflows.
- Global crypto ETFs and ETPs now hold in excess of $200 billion, while stablecoins sit near a $300 billion market cap yet process trillions across venues and DeFi.
- The SEC approved DTCC to offer tokenization services in December, a step industry voices say brings traditional securities infrastructure closer to blockchain rails.
- Coinbase is positioning for the shift with an agreement to acquire The Clearing Company and lawsuits challenging state limits on prediction markets as it pursues an 'Everything Exchange' strategy.