On December 23, 2025, a cluster of new coverage and analysis focused on one fast-emerging theme in crypto-fintech: Coinbase is no longer pitching itself as “just a crypto exchange.” It’s positioning the Coinbase app as a multi-asset hub—spanning U.S. stock and ETF trading, regulated prediction markets, derivatives, and eventually tokenized equities—while also expanding its payments and onchain app ecosystem. [1]
That same day, industry reporting also zoomed in on what may become the defining tension of tokenized stocks in 2026: it’s not only about access to tokenized equities, but also about the capital-markets plumbing that makes those assets useful after purchase—lending, borrowing, collateral, hedging, and settlement. A Coinpedia press release framed this as the reason some traders are watching projects like Edel Finance, which positions itself as an onchain securities lending and borrowing layer for tokenized equities. [2]
Below is what’s driving the conversation—based on the news and commentary circulating on 23.12.2025, plus the immediate backdrop from Coinbase’s own announcements earlier in the week.
What’s “current” as of Dec. 23, 2025: the key headlines behind the trend
Several publications on Dec. 23 recapped Coinbase’s recent product expansion and explored the strategic implications:
- Built In (Dec. 23, 2025) summarized Coinbase’s new product slate, including stock/ETF trading, prediction markets, Coinbase Advisor (AI), Solana DEX aggregation, Coinbase Business, and the global release of the Base App. [3]
- Payment Expert (Dec. 23, 2025) focused on Coinbase’s deeper move into prediction markets, the regulatory fault line between federal derivatives oversight vs. state gaming rules, and how event-contract products ripple into payments, onboarding, and risk controls. [4]
- A Zacks analysis republished via TradingView examined Coinbase’s plan to acquire The Clearing Company and framed prediction markets as a potential new engagement and revenue lever—while also comparing Coinbase to broker peers and commenting on valuation metrics. [5]
- A Coinpedia press release (Dec. 23, 2025) argued that the tokenized equities story is shifting from “can I buy it?” to “what can I do with it?” and presented Edel Finance as an “after you buy” layer for tokenized equities. [6]
Coinbase’s System Update: stocks, prediction markets, and the bridge to tokenized equities
Coinbase’s own “System Update” blog post lays out the company’s core thesis: markets should be always-on, with a single interface spanning crypto, equities, derivatives, and event contracts—what Coinbase calls an “Everything Exchange.” [7]
Stock trading inside Coinbase: 24/5 access and USDC support
Coinbase says it has begun rolling out stock trading to U.S. users, allowing customers to buy, sell, and manage stocks and ETFs alongside crypto—with funding in USD or USDC. It also highlights zero-commission trading and the ability to trade “24 hours a day, five days a week” for eligible symbols (with typical extended-hours caveats like reduced liquidity and wider spreads). [8]
Built In’s Dec. 23 recap adds that stock and ETF trading is offered via Coinbase Capital Markets, and that the goal is to let users manage traditional securities alongside digital assets 24/5 from the primary app. [9]
Tokenized stocks: Coinbase says the “real” endgame is onchain equities
Coinbase is explicit that stock trading is also a stepping stone toward tokenized equities. The company argues that tokenized stocks could eventually enable 24/7 global trading, potential onchain utility, and faster settlement.
To support that direction, Coinbase says it plans to launch Coinbase Tokenize, described as an end-to-end institutional platform intended to bring the infrastructure needed to power access to tokenized stocks on Coinbase—promising more updates “early next year.” [10]
This matters because it signals Coinbase isn’t just adding a “stocks tab.” It’s aiming to rebuild market structure around onchain rails—where trading, custody, collateral, and payments can interconnect.
Prediction markets on Coinbase: from rollout to acquisition talk
Prediction markets were one of the most discussed pieces of Dec. 23 coverage—because Coinbase is moving quickly from “launch” to “scale.”
The rollout: event contracts funded in USD or USDC, with Kalshi liquidity at launch
Coinbase says it has begun rolling out prediction markets access in the U.S., where users can trade event contracts tied to real-world outcomes (elections, sports, collectibles, economic indicators), and that all market flow will come from Kalshi at launch. Coinbase also says users can begin with as little as $1 in USD or USDC and manage event-contract positions next to crypto and equities balances. [11]
The acquisition plan: The Clearing Company and the “Everything Exchange” roadmap
On Dec. 22, Coinbase announced it had entered an agreement to acquire The Clearing Company, describing it as a prediction markets company working at the frontier of regulated, onchain markets—and framing the deal as a way to “power and scale” prediction markets on Coinbase. Coinbase says the team is led by founder Toni Gemayel, and that the transaction is expected to close in January 2026, subject to customary conditions. [12]
Reuters similarly reported that Coinbase would buy The Clearing Company as part of its broader strategy to diversify beyond crypto trading, with prediction markets highlighted as a growing category—and noted the company did not disclose financial terms. [13]
Why prediction markets are suddenly the battleground for fintech and exchanges
The most important takeaway from the Dec. 23 coverage isn’t “Coinbase launched a new feature.” It’s that prediction markets are being pulled into mainstream finance plumbing—and multiple household-name players are showing up.
Payment Expert’s Dec. 23 piece underscores that prediction markets now sit at a messy intersection: part trading, part consumer product, and (to critics) part gambling—creating operational and compliance questions for payments, funding, and customer safeguards. [14]
And Coinbase isn’t alone. Reuters reported that FanDuel and CME Group launched a joint prediction markets product in five U.S. states, with plans to expand by early 2026—showing how quickly “event contracts” are spreading beyond crypto-native platforms. [15]
The common thread: if prediction markets are treated as regulated derivatives (rather than gambling), they can be distributed like any other financial product—inside broker apps, exchanges, and potentially even consumer brands.
Zacks/TradingView analysis on Dec. 23: a Wall Street-style lens on Coinbase’s bet
The Zacks commentary republished on TradingView argues that Coinbase’s deal for The Clearing Company strengthens its presence in prediction markets, noting Coinbase previously partnered with Kalshi, and describing prediction markets as a “nascent” but potentially high-growth gateway into event-based trading. [16]
The analysis also quotes Coinbase product leadership (via a report it attributes to The Block) emphasizing that more of the financial system is moving onchain and prediction markets are part of that shift. [17]
Where this perspective is useful—especially for Google News/Discover readers—is that it frames prediction markets as more than a novelty. The implied strategic logic is:
- Higher engagement (real-world events drive frequent position updates)
- Revenue diversification beyond crypto spot volumes
- A bridge to multi-asset identity: “everything exchange” rather than crypto-only [18]
Zacks also compared Coinbase to brokerage peers like Robinhood and Interactive Brokers and included valuation and estimate commentary, emphasizing how markets are weighing the expansion narrative. [19]
Tokenized equities aren’t just about trading access — the “after you buy” layer becomes the debate
Here’s where the third link (Coinpedia’s press release) plugs into the Coinbase story in a meaningful way.
Coinbase is laying rails for tokenized stocks via Coinbase Tokenize—but tokenization raises a second-order question: What can you do with tokenized equities after you buy them?
The Coinpedia press release argues that once tokenized equities are accessible, traders begin asking capital-markets questions that go beyond holding or swapping:
- Can I borrow against my position without selling?
- Can I earn yield via securities lending-like mechanics?
- Can I hedge or short without relying on traditional prime broker stacks? [20]
That’s the “after you buy” layer—and it’s where infrastructure projects are trying to insert themselves.
Edel Finance: what it claims to be
According to the Coinpedia press release, Edel Finance positions itself as an onchain securities lending and borrowing infrastructure built specifically for tokenized equities. It is presented as complementary to exchanges rather than a replacement—focused on turning equity tokens into collateral and lendable assets, with rates set by supply/demand and enforcement handled via smart contracts. [21]
The press release lists features such as:
- Lending tokenized equities to earn yield
- Borrowing stable assets against equity collateral
- Utilization-driven rates
- Automated collateral enforcement/liquidation logic
- Near-instant settlement compared with traditional workflows [22]
It also makes a marketing-style comparison—calling Edel something like an “Aave for stocks”—while acknowledging that this framing is subjective. [23]
Important context: this is a press release, not independent verification
Coinpedia’s post is explicitly presented as a press release and includes a risk warning stating Coinpedia does not endorse or verify the accuracy of press-release content. [24]
For readers, the value of this kind of piece is less about treating claims as settled fact—and more about identifying what market participants think the next bottleneck will be once tokenized equities appear in more venues: lending, collateral, and margin-like functionality onchain.
Base App, Solana DEX aggregation, and stablecoin payments: Coinbase’s “everything” strategy isn’t only about trading
Another reason this story is resonating on Dec. 23 is that Coinbase’s expansion isn’t confined to finance products—it’s also building a broader consumer onchain ecosystem.
Base App: global launch in 140+ countries
Coinbase says the Base App is available in more than 140 countries, framing it as an “onchain everything app” that combines social, trading, payments, app discovery, and earning. It also says content in Base App is tokenized and tradeable, and positions the app as a new distribution and discovery layer for onchain assets. [25]
Built In’s Dec. 23 recap similarly describes Base App as a global social/transactional platform for onchain content. [26]
Solana tokens “from the moment they launch,” via Jupiter integration
Coinbase says it is integrating Jupiter (a Solana DEX aggregator) directly into Coinbase so users can trade Solana tokens “from the moment they launch” without leaving the app—while noting that DEX trading requires users to create a self-custody wallet. [27]
Payments stack: APIs, custom stablecoins, and x402
Coinbase’s System Update also highlights a full payments and stablecoin push:
- Payment APIs for fintech companies
- Embeddable self-custody stablecoin wallets for checkout
- “Custom-branded stablecoins” backed by flexible collateral including USDC
- The x402 standard to attach stablecoin payments to web requests, which Coinbase claims enabled over $200 million of annualized transactions in the prior 30 days, and plans to develop an x402 Foundation with Cloudflare and others [28]
The strategic link is clear: if Coinbase can connect trading, tokenization, and payments into a single rails-and-distribution system, it competes not only with crypto exchanges—but also with brokers, fintech super-apps, and parts of legacy payment infrastructure.
The regulatory reality check: derivatives framework vs. “looks like gambling” scrutiny
The biggest near-term variable—highlighted in Dec. 23 coverage—is whether regulators, lawmakers, and payment risk frameworks treat prediction markets like:
- a legitimate derivatives product category, or
- a gambling-adjacent activity that should be constrained like sports betting.
Payment Expert points directly to this “fault line,” describing how operational classification can influence merchant categorization, fraud controls, funding friction, and affordability/suitability checks—even if the product is structured within a regulated trading framework. [29]
Coinbase itself also emphasizes that listed futures and swaps are offered via Coinbase Financial Markets, an NFA member registered with the CFTC, while spot accounts are maintained by Coinbase Inc., and it includes risk disclosures around futures and AI-driven guidance. [30]
What to watch next after Dec. 23: timelines, products, and the “plumbing” race
If Dec. 23, 2025 marked a headline spike, the next phase is execution. The most practical watchlist points are:
- Prediction markets scale-up: Coinbase’s rollout continues, and the planned The Clearing Company acquisition is expected to close in January 2026 (subject to conditions). [31]
- Stock trading expansion: Coinbase says it plans to add thousands of additional stocks over coming months and expand access to stock-related products over time. [32]
- Tokenized equities roadmap: Coinbase says Coinbase Tokenize will provide infrastructure for tokenized stocks, with more updates “early next year.” [33]
- Competition in event contracts: Prediction markets are drawing major entrants beyond crypto, including the FanDuel/CME partnership reported by Reuters. [34]
- Infrastructure layer bets: Press-release narratives like Edel Finance’s positioning suggest that lending/borrowing/collateral tooling could become the next battleground once tokenized equities proliferate—though claims should be treated cautiously and independently verified. [35]
Bottom line: Dec. 23 signals a convergence moment for crypto, brokerage, and onchain market structure
The big story coming out of 23.12.2025 isn’t a single product launch. It’s the accelerating convergence of:
- Brokerage features (stocks/ETFs, extended hours)
- Derivatives frameworks (futures/perps and “event contracts”)
- Onchain rails (tokenization, stablecoin payments)
- New infrastructure narratives (the “after you buy” layer for tokenized equities)
Coinbase is trying to turn that convergence into a single distribution point—the Coinbase app—while adjacent players argue the real opportunity will be the market infrastructure that tokenized assets need to behave like “full” financial instruments.
Whether this becomes the next mainstream fintech platform shift—or a regulatory and execution stress test—will likely be decided in the first quarter of 2026, as acquisition timelines, product rollouts, and policy interpretations collide. [36]
References
1. builtin.com, 2. coinpedia.org, 3. builtin.com, 4. paymentexpert.com, 5. www.tradingview.com, 6. coinpedia.org, 7. www.coinbase.com, 8. www.coinbase.com, 9. builtin.com, 10. www.coinbase.com, 11. www.coinbase.com, 12. www.coinbase.com, 13. www.reuters.com, 14. paymentexpert.com, 15. www.reuters.com, 16. www.tradingview.com, 17. www.tradingview.com, 18. www.tradingview.com, 19. www.tradingview.com, 20. coinpedia.org, 21. coinpedia.org, 22. coinpedia.org, 23. coinpedia.org, 24. coinpedia.org, 25. www.coinbase.com, 26. builtin.com, 27. www.coinbase.com, 28. www.coinbase.com, 29. paymentexpert.com, 30. www.coinbase.com, 31. www.coinbase.com, 32. www.coinbase.com, 33. www.coinbase.com, 34. www.reuters.com, 35. coinpedia.org, 36. www.coinbase.com
