Recap: Coinbase’s Big Announcements from the State of Crypto Summit 2025

Announcement spree: Yesterday, at its State of Crypto Summit 2025 in New York, Coinbase unveiled a wave of new products, partnerships, and integrations — all aimed at further driving business and consumer adoption of crypto and stablecoins.

Shopify integration: First, e-commerce giant Shopify is adding support for USDC payments on Coinbase’s Layer-2 Base, enabling merchants in 34 countries to accept stablecoins at checkout. Early access is available now, with a full rollout taking place over the course of the year.

• Powered by Stripe: “By default, Stripe will allow merchants to receive stablecoin payments in their preferred local currency, to be deposited in their bank account just like any other payment they receive,” Stripe said in its release.

Coinbase Business: To complement its offering, Coinbase introduced “Coinbase Business” — an all-in-one platform for companies looking to integrate crypto into their day-to-day operations. Starting now, businesses with early access can use stablecoins to pay vendors, contractors, and employees, earn yield on idle balances, and connect directly with accounting tools.

New cashback card: For consumers, Coinbase revealed the “Coinbase One Card,” a credit card powered by the American Express network. Its standout feature: up to 4% cashback, paid out in Bitcoin. The card is expected to launch this fall.

DEX integrations: The exchange is also deepening its DeFi footprint. The Coinbase app will soon support native integrations with multiple decentralized exchanges (DEXs) on Base, allowing users to swap assets onchain — without needing a self-custodial wallet. Following the launch of its Bitcoin leding product, this new feature marks another step toward bringing more onchain functionality directly into Coinbase’s retail interface.

Perpetuals trading: Finally, Coinbase announced plans to launch perpetual futures trading in the U.S. While details remain limited, the move follows recent remarks from outgoing CFTC Commissioner Summer Mersinger, who noted that such contracts “could come to market now.”

Two strategic product directions stand out:

1. Crypto as a service: Coinbase is taking the infrastructure it built for itself — custody, stablecoin payments, staking, treasury rails, etc. — and offering it to other institutions and businesses. Think of it as the AWS-to-Amazon playbook, but for digital assets.
2. DeFi mullet: On the consumer side, Coinbase continues to merge centralized with decentralized finance and gives users access to onchain trading, lending, and yield — all without leaving the Coinbase interface.

The big product question for me: With Robinhood doubling down on crypto and Kraken entering the stock game, how long until Coinbase makes its own push into tokenized stock trading?