Coinbase CEO Brian Armstrong recently laid out an ambitious plan to transform his company into what he’s calling an “everything exchange” within the next two years. The idea is simple but bold: create one app where you can trade not just cryptocurrencies, but also stocks, commodities, futures, options, and even bet on real-world events like elections or Federal Reserve decisions.
Armstrong broke down his vision into three main goals. First, he wants to scale this everything exchange globally, combining liquidity for crypto, traditional stocks, commodities, and prediction markets all in one place. Second, he’s betting big on stablecoins to make cross-border payments and instant settlement smoother and faster. Third, he wants to bring the next billion users into the crypto world through Coinbase’s developer tools, its Base Layer-2 network, and an upcoming consumer super-app that tries to do it all.
“Our goal is to make Coinbase the number one financial app in the world,” Armstrong wrote. Behind the scenes, the company is rebuilding its infrastructure so that a Bitcoin trade, an Apple stock purchase, a barrel of oil, and a bet on the presidential election can all run through the same system with minimal lag.
Prediction Markets and Tokenized Stocks Lead the Charge
The clearest sign of where Coinbase is headed came through a partnership with Kalshi, a federally regulated platform for betting on real-world events. Screenshots leaked in November showed a Coinbase-branded interface where users could place wagers using USDC or dollars on everything from interest rate changes to Super Bowl outcomes. By working through its regulated subsidiary, Coinbase Financial Markets, the company avoids the legal complications that pushed platforms like Polymarket to operate offshore.
At the same time, Coinbase is working on its own tokenized equities desk. Unlike competitors who rely on synthetic wrappers or third-party products, Coinbase plans to issue on-chain tokens that represent actual shares held by a regulated custodian. This setup would allow people to trade stocks around the clock and settle instantly against stablecoins. The market for this kind of product is heating up fast. On-chain stock transfers jumped 76% in the past month to around $2.46 billion, according to data from rwa.xyz. If Coinbase can launch a native product, it could leapfrog rivals like Robinhood and Kraken who still depend on outside providers.
Of course, Coinbase isn’t alone in this race. Gemini just got approval for its Titan platform, Crypto.com partnered with Trump Media & Technology Group, and Susquehanna recently backed an acquisition of LedgerX. Prediction markets are quickly becoming a major revenue driver across the industry. Still, Coinbase has the advantage of controlling the largest pipeline of regulated U.S. trading activity.
Regulation and Institutional Money Are Lining Up
Coinbase’s timing couldn’t be better from a regulatory standpoint. David Duong, the company’s head of research, pointed out that spot ETF approvals, growing stablecoin adoption, and the rapid tokenization of real-world assets are all feeding into each other. He believes this momentum will pull mainstream capital onto the blockchain faster than most people expect in 2026.
On a recent earnings call, Armstrong compared the current regulatory shift in Washington to the Telecom Act’s impact on the internet. He argued that moving from an enforcement-heavy approach to a clear rules-based framework gives Coinbase a roadmap it can follow not just in the U.S., but also in Europe, Asia, and Latin America.
The numbers back up the hype. Last quarter, Coinbase held $516 billion in client assets, which is about 16% of the entire crypto market. The company projects that up to 10% of global GDP could eventually settle on blockchains by 2030. But there are still obstacles. Coinbase’s chief policy officer, Faryar Shirzad, warned that proposed U.S. limits on stablecoin rewards could put the country behind China, where commercial banks started paying interest on digital yuan wallets on January 1, 2026. That move sparked a $188 million rally in related equities overnight.
What Comes Next
Over the next year and a half, investors will be watching three key tests. First, can Coinbase secure the necessary licenses in multiple countries to list U.S. stocks for 24/7 trading? Second, how quickly will the Kalshi integration attract users who aren’t already into crypto? And third, will stablecoin regulations get finalized in time to support instant settlement for tokenized Treasuries and other real-world assets?
If Coinbase hits those marks, it could reshape the divide between traditional Wall Street brokers and crypto-native platforms much faster than the market currently expects. The “everything exchange” might sound like a buzzword now, but if Armstrong pulls it off, it could become the new normal for how people think about trading and finance.
