Coinbase has rolled out a sweeping set of product expansions positioning it as an all-in-one financial exchange: tokenized US stocks backed 1:1 with onchain dividend payments, stock options trading, pre-IPO private share markets, an AI advisor, and ACATS transfers so users can port existing brokerage portfolios directly onto the platform. Separately, Coinbase partnered with Amazon Web Services to let publishers on CloudFront and WAF charge AI agents for content access using the x402 payment protocol. Taken together, the moves represent the most aggressive push beyond pure crypto that Coinbase has made since its public listing.
Coinbase is directly attacking the addressable market of traditional brokerages like Robinhood, Schwab, and Fidelity while simultaneously staking out early infrastructure in the emerging AI-agent payments economy. If it captures even a fraction of retail brokerage wallet share, revenue diversification could meaningfully re-rate the stock; the x402/AWS deal adds a speculative but potentially large B2B revenue stream that doesn't yet exist at competitors. Holders of COIN get optionality on both theses at once, while the tokenized-stock rails built on Base could be a long-term catalyst for broader onchain finance adoption.
Coinbase Q2 earnings (next quarterly earnings, ~early Aug): first financial read on whether new products are generating revenue. SEC stance on tokenized securities: any regulatory guidance or enforcement action targeting tokenized stock products would be the biggest near-term risk. Robinhood and Schwab responses: watch for competitor product announcements within the next 60 days.
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