Coinbase Rolling Out Tokenized Stock Trading

Find out our latest reports, listed below:

• DeepBook - “The Backbone of Sui DeFi Liquidity”

• Premia x Block Scholes: Introducing Kyan

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

Market Snapshot: Overnight Moves

‍

Daily Updates:

• Bitcoin returned to $86,600 early Thursday, after sharply spiking near $90,000 at the US market open. 
• ETH also weakened, decreasing yesterday afternoon from the $3,000 area to around $2,800, where it is currently trading. 

• As BTC is consolidating in the $85-90k area following the recent pullback, while our BTC Risk Appetite index has stabilised and begun to grind higher from its latest downside.
• ETH presents a similar picture: ETH spot has been holding broadly around the $3.0-3.3k area, and the ETH Risk Appetite index has improved modestly from recent lows.
• On the altcoin side, XRP spot ETFs have recorded a continuous streak of net positive daily inflows since their launch, with the total net inflow of $1.03B. XRP is up +0.78% on the day, trading around $1.87.
• Market expectations remain towards the Federal Reserve holding rates at next month’s meeting. The CME Group’s FedWatch Tool implies a 73.4% probability of no cut, while Polymarket assigns a 76% chance that rates stay within the 3.50%–3.75% target range.
• According to Reuters, U.S. President Donald Trump said on Wednesday that he will soon name the next Federal Reserve chair and signalled a clear preference for materially easier policy.
• “I’ll soon announce our next chairman of the Federal Reserve, someone who believes in lower interest rates by a lot,” Trump said, adding that “early in the new year, you will see this.” 

• The Bank of England is widely expected to deliver a 25bp cut at its December 2025 meeting this afternoon, taking the Bank Rate to 3.75%. If realised, it would mark the first reduction since August, following decisions to hold policy steady in September and November.

• This afternoon also, the ECB is widely expected to hold rates steady for a fourth consecutive meeting in December 2025, keeping the main refinancing rate at 2.15%.

• The Federal Reserve has withdrawn its 2023 policy on Wednesday that effectively discouraged Fed-supervised state member banks from pursuing “novel” activities, an approach that, in practice, tightened the perimeter for many crypto-related services. The Fed framed the shift as reflecting “evolving views on risks” as its understanding of innovation has developed.
• Under the 2025 framework, FDIC-insured state member banks remain constrained by FDI Act Section 24, while uninsured state member banks can seek case-by-case Fed approval for activities not permitted to insured peers, an approach with real-world implications given the prior policy’s role in cases such as Custodia Bank’s master account denial.

• World Liberty Financial, a project backed by the Trump family, has proposed allocating 5% of its WLFI token treasury to support the expansion of its USD1 stablecoin.
• The proposal, shared on the World Liberty Financial governance forum on Wednesday, notes that increasing the supply of USD1 is expected to strengthen demand across WLFI-governed services, while also supporting integrations, liquidity incentives and the project’s wider ecosystem initiatives.

• Bitcoin mining company Hut 8 Corp. (Nasdaq, TSX: HUT), has signed a 15-year, $7.0B triple-net lease agreement of its River Bend data center campus in Louisiana, with AI company Fluidstack, covered by a financial backstop from Google.
• This covers 245 megawatts (MW) of IT capacity, with the contract expected to generate $6.9B in cumulative net operating income, The agreement also includes three five-year renewal options that could lift total contract value to approximately $17.7B and grants Fluidstack a Right of First Offer for up to an additional 1,000 MW of future capacity.

• Coinbase has announced the rollout of tokenized stock trading and prediction markets for its US users over the coming weeks.
• At launch, the platform will offer a limited selection of tokenized stocks, with plans to expand to thousands more individual equities and exchange-traded funds in the coming months, accessible using either fiat or USDC. The service will feature zero trading fees, allow buying and selling five days a week including outside standard market hours, and is set to expand further with 24/7 tokenized equity access via the upcoming Coinbase Tokenize platform, alongside the planned rollout of stock-linked perpetual contracts early next year.
• Additionally, Coinbase is partnering with Kalshi to add Coinbase-based prediction markets to its own platform, powered by Kalshi’s regulated infrastructure.

This Week’s Calendar:

‍

Charts of the Day: