Coinbase 2026 Outlook: Company Bets On ETFs, Stablecoins, Tokenization To Drive Growth

[Ben Graham]

According to Coinbase’s latest 2026 outlook, four converging forces – crypto ETFs, stablecoins, tokenization and clearer regulation- will be the main engines of  global crypto adoption next year.

On 31 December 2025, Coinbase’s head of investment research, David Duong, said, “That adoption advanced materially in 2025. Spot ETFs have created durable, regulated access, while digital asset treasuries (DATs) emerged as new corporate balance-sheet vehicles. Meanwhile, tokenization and stablecoins moved deeper into core financial workflows.”

“We expect these forces to compound in 2026 as ETF approval timelines compress, stablecoins take a larger role in delivery-vs-payment (DvP) structures, and tokenized collateral is recognized more broadly across traditional transactions,” he added.

According to Duong, the momentum that began in 2025 with spot ETFs, corporate crypto treasuries and early tokenization will not fade, but instead compound in 2026.

https://t.co/BY2Fr5Y0oj

— David Duong (@DavidDuong) December 31, 2025

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Spot Crypto ETFs Launched In 2025 Will Be Structural Turning Point In 2026

Spot crypto ETFs that launched in major markets in 2025 are framed as a structural turning point, giving traditional investors a familiar, regulated wrapper for Bitcoin, Ethereum and other assets. Coinbase analysis expects ETF approval timelines to shorten in 2026.

Coinbase also highlights “digital asset treasuries” (DATs) as a complimentary institutional trend, where corporations hold crypto exposure through regulated vehicles rather than directly on-chain, further normalizing the asset class in balance sheets.

Stablecoins already move trillions of dollars annually across exchanges and DeFi despite a market cap of roughly a few hundred billion dollars. This shows their importance as day-to-day settlement assets.

Stablecoins already move trillions of dollars annually across exchanges and DeFi despite a market cap of roughly a few hundred billion dollars. This shows their importance as day-to-day settlement assets. 

Coinbase suggests that as regulation firms up, stablecoins will play a larger role in delivery-versus-payment frameworks, in everyday payment flows and in cross-border commerce.

Tokenization of RWAs remain small in absolute terms- around the low single-digit billions in value- but adoption is growing as banks, asset managers and fintechs test blockchain rails for collateral and settlement.

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Key Takeaways

Coinbase argues that 2025 marked a decisive shift toward regulatory clarity in key jurisdictions, setting the stage for more confident institutional participation in 2026.

Coinbase’s outlook stresses that the demand side of crypto has diversified beyond early adopters and pure macro‑hedge narratives like “digital gold.”  

 

 

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