Coinbase Enters $1B Tokenized Equity Race With Stock Futures

Key Takeaways

Coinbase has launched stock and ETF perpetual futures for non-US users, entering a competitive field where crypto exchanges are increasingly offering derivatives on traditional assets. The move directly challenges conventional brokers by providing 24/7 market access and high leverage, further integrating digital and traditional financial systems.

1. Coinbase now offers USDC-settled perpetual futures for the 'Magnificent Seven' stocks and major ETFs like SPY to eligible non-US clients.
2. The exchange provides up to 10x leverage on stocks and 20x on ETFs, aiming to attract capital from traders seeking round-the-clock exposure to US equities.
3. This launch places Coinbase in direct competition with rivals like Kraken and KuCoin within the tokenized securities market, which has grown to over $1.03 billion since the start of 2025.