Stablecoin Weekly: What Coinbase’s System Upgrade Reveals About Crypto’s Path to the Internet Super App

Over the past week, Coinbase rolled out a string of system-level updates—spanning trading, derivatives, stablecoin payments, AI-native protocols, and a consumer “super app”—that together feel like a WWDC for onchain finance. More than a product refresh, these launches sketch Coinbase’s vision of an “Everything Exchange,” where identity, payments, markets, and apps converge on a programmable stack powered by stablecoins. This is not just an exchange expansion; it’s a blueprint for how crypto could reconstruct the next generation of internet super apps.

Why this week matters: Coinbase’s “Everything Exchange” takes shape

• Expansion beyond crypto into traditional markets: Coinbase said it will add stock trading and event contracts, deepening its push into prediction markets through a partnership with Kalshi, and signaling ambitions to be a one‑stop venue for multiple asset classes. See coverage from Reuters and Barron’s. (reuters.com)
• 24/7 regulated U.S. futures and a bolder global derivatives footprint: Coinbase Derivatives introduced round‑the‑clock BTC/ETH futures, is extending 24/7 trading to more assets, and moved to acquire Deribit to scale options. Details on 24/7 futures are in the Coinbase blog and reporting from CoinDesk and CoinDesk/Business. (coinbase.com)
• Stablecoin payments stack for merchants and businesses: Coinbase launched merchant‑facing Coinbase Payments with Shopify integrations and a business suite for USDC‑based payouts and treasury via Coinbase Business. (coindesk.com)
• AI-to-payment plumbing with HTTP 402: Coinbase is operationalizing “machines that pay” through its x402 protocol—reviving HTTP 402—and Payments MCP so AI agents can hold wallets, pay for APIs, and transact autonomously. See the x402 developer docs and background via Yahoo Finance/Decrypt. (docs.cdp.coinbase.com)
• A consumer “super app” on Base: The new Base App replaces Coinbase Wallet and combines trading, payments, social, messaging, and mini apps—powered by USDC on the Base L2. See also CoinDesk’s coverage. (cnbc.com)

Crucially, these product lines are reinforced by macro tailwinds. Visa just brought USDC settlement to U.S. institutions, and the U.S. passed a federal stablecoin framework in July 2025, setting early guardrails for issuers and distributors, as reported by CNBC. (usa.visa.com)

The super app stack, in four layers

1. Experience layer: Base App and mini apps
   Coinbase’s Base App consolidates wallet, payments, social, and messaging with support for on‑chain mini apps, tapping protocols such as Farcaster (social) and XMTP (chat). The strategic bet: shrink the leap from Web2 to onchain by bundling utilities consumers already expect while defaulting to USDC for everyday transactions. CNBC and CoinDesk provide overviews. (cnbc.com)

2. Money layer: USDC rails for people, merchants, and banks
   At the consumer and SMB level, Coinbase is productizing USDC through Coinbase Payments and Coinbase Business, bringing programmable checkout, refunds, and ledgering. At the institutional level, Visa’s U.S. rollout of USDC settlement signals that stablecoin‑native treasury operations are entering mainstream financial plumbing. Together, these moves compress settlement times, add weekend availability, and make stablecoin balances usable beyond crypto trading. (coindesk.com)

3. Agent layer: HTTP 402 for APIs and AI
   x402 turns the long‑dormant “HTTP 402 Payment Required” into a web‑native microtransaction rail that lets clients (including AI agents) pay for API calls transparently. The flow is standard HTTP: a 402 response advertises onchain payment terms, the client pays in USDC, and retries with a signed proof. Coinbase’s x402 docs and MCP server guides detail multi‑network support (EVM and Solana). Reporting from Yahoo Finance/Decrypt places the protocol squarely inside an emerging AI‑commerce stack. (docs.cdp.coinbase.com)

4. Markets layer: 24/7 derivatives, options, and event contracts
   On the market side, Coinbase is aligning market structure with crypto’s always‑on cadence via 24/7 U.S. futures, and expanding product breadth through the Deribit acquisition to own crypto options globally. It’s also pushing into stocks and event contracts, a capability that could live side‑by‑side with stablecoin balances inside the same app. (coinbase.com)

What it means for stablecoins

• From rails to revenue: Stablecoins are moving from “crypto plumbing” to the primary tender for commerce and apps. Merchant USDC acceptance through Coinbase Payments and recurring, API‑native microtransactions via x402 point to a world where stablecoins monetize content, software, and AI inference without cards or accounts. See CoinDesk and Coinbase’s x402 overview. (coindesk.com)
• Policy tailwinds: The federal stablecoin law passed in July 2025 gives U.S. regulators a framework to supervise issuance and reserves, while Visa’s U.S. settlement shows traditional finance can plug into USDC without disrupting card front‑ends. See CNBC and Visa. (cnbc.com)
• Scale is arriving: Industry trackers have noted strong growth in stablecoin capitalization and usage in 2025; the market has crossed meaningful thresholds and is increasingly used beyond trading, including remittances and B2B payments. See Cointelegraph’s market cap snapshot for a big‑picture view. (cointelegraph.com)

Risks and open questions

• Regulatory friction in prediction markets: State‑level challenges to event contracts and prediction markets will test how far the “Everything Exchange” can go inside the U.S. without bespoke approvals. Background via Barron’s. (barrons.com)
• UX and custody trade‑offs: Embedded, passkey‑based wallets reduce friction but also change how users think about key ownership, recovery, and spending permissions—especially when AI agents can initiate payments. Builders should communicate limits and safeguards clearly, and users should segment “spend” wallets from “savings” custody.
• Liquidity fragmentation and interoperability: As stocks, event contracts, and crypto products live side‑by‑side, liquidity and collateral efficiency will hinge on clear margining and compliant cross‑margin pathways—areas still evolving in U.S. venues.

For builders: actionable takeaways

• Design for stablecoin‑first checkout and payouts using Coinbase Business and the Base toolchain; instrument KPIs around authorization, refunds, and chargeback elimination. (coindesk.com)
• Prototype machine‑paying experiences with x402 and the MCP server to monetize APIs and AI inference by the call—no accounts, no cards. (docs.cdp.coinbase.com)
• If your product touches U.S. consumers, track how Visa’s USDC settlement affects treasury ops, and map a compliance narrative under the new federal stablecoin regime referenced by CNBC. (usa.visa.com)
• Plan for 24/7 markets: If you offer hedging or structured products, align risk tooling to Coinbase’s always‑on futures and options liquidity that may concentrate post‑Deribit acquisition. (coinbase.com)

For users: a secure setup that fits the super‑app era

• Separate spend from savings: Keep a small, replenishable USDC balance in your “spend” wallet for mini apps and x402‑powered subscriptions, while storing long‑term assets offline.
• Consider self‑custody for core holdings: A hardware wallet helps you maintain sovereignty over keys while still interacting with Base and other EVM networks when needed. OneKey, for example, is built for multi‑chain self‑custody and offline protection, which pairs well with the rise of always‑on payments and agent‑initiated transactions. Move value in only when you intend to spend; keep the rest cold.

The bottom line

Coinbase’s latest wave of releases isn’t just feature creep—it’s a coordinated attempt to rebuild the internet’s money layer around stablecoins, then layer identity, AI, and markets on top. With Visa’s USDC settlement entering U.S. banking workflows and a federal framework in place, the timing is favorable. If this “Everything Exchange” vision holds, the super app of the 2030s won’t be a closed garden with card rails. It will be an open, programmable network where USDC is the default tender, AI agents pay via HTTP 402, and users own their keys—ideally, secured in hardware—by design. (usa.visa.com)