Overview
- Coinbase research head David Duong expects these forces to compound in 2026 as ETF approval timelines compress, stablecoins feature in delivery-versus-payment, and tokenized collateral gains wider recognition.
- The report frames 2025 as a turning point, with regulated spot ETFs opening broader investor access, corporate treasuries gaining traction, and crypto tools moving into mainstream financial workflows.
- Regulatory advances cited include the U.S. GENIUS Act and Europe’s MiCA, which Duong says have shifted the market from legal uncertainty to operational readiness for payments, collateral and settlement use cases.
- Coinbase agreed to acquire The Clearing Company and filed lawsuits against Michigan, Illinois and Connecticut over prediction-market authority, reflecting a push to build broader platforms under evolving rules.
- Adoption metrics remain steady near 10% globally per Demand Sage, while reports note about $48 billion raised via crypto ETPs since 2023, stablecoin market value near $300 billion, and tokenized assets exceeding $1.2 billion.