- Coinbase is rolling out zero-commission trading for major U.S. stocks and ETFs in its app, starting mid-December 2025 and expanding to eligible U.S. users.
- Select equities can trade 24 hours a day, five days a week, using either USD or USDC alongside crypto in one unified account.
- CEO Brian Armstrong is positioning stocks as the bridge to tokenized, blockchain-native equities within about two years, with perpetual stock futures planned for non-U.S. users.
- The move advances Coinbases broader Everything Exchange strategy while facing significant regulatory and market-structure hurdles.
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Coinbase’s launch of stock and ETF trading marks a strategic inflection, transforming its long-standing identity as a crypto exchange into a hybrid financial super-app. The initial roll-out, which began December 17-18, 2025, positions Coinbase to compete more directly with incumbents like Robinhood, Interactive Brokers and other zero-commission brokers.[0search6]
Core advantages include:
• Unified account infrastructure: Users can now trade stocks, ETFs, and crypto using one app and wallet with shared transaction history, simplifying operations and reducing friction. [0search0]
• Extended trading hours and zero commissions: Select assets can now be traded 24 hours a day, five days a week. Traditional equity markets don’t operate at night or on weekends, giving Coinbase a potential edge for active or global users.
• USDC integration: Trades can use USDC stablecoin as well as USD, reinforcing Coinbase’s stablecoin and on-chain orientation. [0search0]
Path to tokenization and blockchain-native stocks: Armstrong projects stock issuance happening on blockchain in ~2 years, especially among newer firms. Meanwhile, quality regulatory frameworks—like those emerging under laws like the GENIUS Act—still need to catch up around securities issued via tokenized or blockchain-native mechanisms. [Primary]
Risks, challenges, and strategic implications:
• Regulatory risk remains substantial. Securities laws in the U.S. still do not fully contemplate tokenized equity or perpetual futures for securities, meaning Coinbase will need regulatory approval or carve-outs.
• Infrastructure and liquidity: Traditional market makers, clearing houses, and custodians have entrenched roles. Moving to blockchain-native securities requires interoperability, trust, and minimal counterparty risk—areas where operational risk is high.
• Customer adoption: Crypto-native users may value decentralization and 24/7 access, but legacy equity investors often prioritize stability, regulation, and service—Coinbase must differentiate not just via hours or commission but via execution, compliance, tax and investor protections.
• Competitive response: Firms like Robinhood could respond by accelerating their own asset expansion, tokenization-related infrastructure, or extended hours offerings. Coinbase’s early lead could be narrowed.
Supporting Notes
- Coinbase announced the system-wide update on December 17, 2025, including stock trading, prediction markets, perpetual futures, tokenization, etc.
- Stock trading is available now to U.S. users, with zero commission and 24/5 hours for select stocks and ETFs.
- Trades can be made using USD or USDC, allowing users to manage both stock and crypto in one Coinbase account/app.[0search0]
- Coinbase intends to expand stock offerings to thousands of securities over time and introduce stock perpetuals for non-U.S. traders.[Primary]
- CEO Brian Armstrong has predicted blockchain-native equity issuance begins in ~2 years, with newer companies likely first adopters. [Primary]
- The GENIUS Act has become law (July 18, 2025), giving a regulatory framework for stablecoins, which will be relevant to Coinbase’s stablecoin-centric operations.
- Coinbase Tokenize (institutional platform for tokenization of real-world assets including equities) is in development; more detail expected in 2026.