The State of Crypto Summit 2025: Key insights on defining a new global financial system

Now in its third year, the State of Crypto Summit has grown into a defining moment for Coinbase and the broader crypto industry. What started with a core institutional gathering has evolved into a meeting point for over 600 policymakers, founders, and financial leaders to chart crypto’s role in the global economy.

Following the announcement of our plans to acquire Deribit, which grows our investment platform offering into the most comprehensive suite of crypto derivatives of any exchange in the world, this year’s summit highlighted Coinbase’s evolving focus: we’re betting big on payments. We believe stablecoins like USDC are the key to a faster, more open financial layer. Our State of Crypto announcements all tie back to this central idea: making sending, spending, trading and settling in crypto feel seamless for customers, merchants, and beyond. And the data backs us up. According to the 2025 State of Crypto Report:

• Stablecoins are becoming a mainstream business tool: 81% of crypto-aware SMBs are interested in using stablecoins, and more than 3× as many Fortune 500 executives now plan to use or explore them compared to 2024.

• Usage is surging: Total stablecoin supply has now reached $227 billion in early April 2025, marking a nearly 54% increase from the previous year.

• They solve real financial pain points: SMBs cite stablecoins for reduced fees, smoother payroll, financial access and faster, lower-cost cross-border payments —82% of crypto-aware SMBs say crypto helps solve at least one major challenge their business faces.

But the Summit wasn’t just numbers— it was a snapshot of crypto’s broader breakthrough moment. Leaders from across the aisle, including David Plouffe and Chris LaCivita, spoke to growing bipartisan alignment on the importance of crypto to America’s economic future. Policy voices like Mary-Catherine Lader, Dave Olsen and CFTC Acting Chairman Caroline Pham emphasized the momentum for clear, balanced regulation that supports innovation while protecting consumers. Builders like TYB, Morpho, and Polymarket showcased how onchain experiences are expanding beyond finance—into media, markets, and community engagement. And throughout the event, one message rang clear: crypto is no longer niche. It’s embedded in the apps we use, the capital markets we invest in, and the workforce we’re training for the next generation of innovation.

Together, these signals show the momentum we’re building: from corporate rails to real‑world usage, the future of money isn’t coming - it’s here, and payments built on stablecoins are leading the charge. 

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The Future of Money is Here

As we build momentum in this new era of payments, we’re driving crypto adoption through a clear arc: starting with crypto as an investment platform, to updating core financial services, to building the next generation of internet apps onchain with Base. As Brian Armstrong put it, “The mission of coinbase is to enable economic freedom in the world. And we believe that crypto is a unique enabling technology to accomplish this mission.”

This year’s first-ever product showcase reflects that vision in action—with new rails for payments, new forms of money like stablecoins, and new financial services built on crypto-native infrastructure. Each launch ties directly to Coinbase’s 2025 priorities: growing our core businesses in trading and payments, while accelerating the shift to onchain.

Coinbase Business and Coinbase Payments are empowering businesses with seamless crypto transactions, asset management, and instant, borderless stablecoin payments. Our Shopify integration further brings millions of merchants onchain, facilitating global access and rewarding customer experiences. DEX trading on Coinbase integrates decentralized trading directly into the trusted Coinbase app, unlocking direct access to thousands (and eventually millions) of assets. And finally, the Coinbase One Card offers exclusive rewards, combining everyday spending with crypto portfolio growth. Together, these innovations pave the way for a more connected and efficient financial future.

Stay tuned as we roll out these launches throughout the year—each one a step closer to a more open, efficient, and accessible financial future.

Here’s a more in depth look at each announcement made at the State of Crypto Summit 2025: 

Coinbase Business

A new Coinbase account built specifically for small-to-medium-sized businesses and startups to send and receive payments, manage crypto assets, and automate financial workflows. This is designed to remove the high fees, slow settlement times, and clunkiness of traditional payment rails, all powered by stablecoins. Key features include: 

• Smooth core functionalities: Ability to buy, sell, and exchange crypto directly from their business account, accept customer payments in crypto and pay vendors, employees, and partners with ease.

• Accounting superpowers: Seamlessly integrate crypto accounting on popular platforms like Crypto Tax Calculator, Xero and Quickbooks via Cointracker.

• Interested businesses can join the waitlist today.

Coinbase Payments

A plug-and-play stablecoin payments infrastructure stack. Whether complementing existing payment systems or serving as a comprehensive crypto solution, Coinbase Payments adapts to any merchant network or payments provider to move money at the speed of the internet - instantly, 24/7, and without borders. More info is here. Features include:

• Seamless stablecoin acceptance: Simple, API-first integration for USDC payments; merchants get paid their way. Can be used with Coinbase Business or alone.

• Built-in transaction management tools:  Manage subscriptions, refunds, settlements, and ledgering effortlessly—no extra ops needed.

• Instant fiat offramps: Convert USDC to fiat and settle to bank accounts.

• Checkout that converts: Fast, modern payment experience—no wallet downloads or crypto expertise required.

Shopify x Coinbase

A partnership to bring USDC payments on Base to millions of merchants worldwide. Once fully rolled out later this year, this feature will automatically be available for merchants, with no additional setup required and no action needed - enabling merchants to seamlessly integrate global, low-fee onchain payment processing and infrastructure. Features include:

• A powerful protocol: All made possible by a new open source commerce payments protocol developed jointly by Coinbase and Shopify, integrating stablecoin payments into merchants’ order and fulfillment flow, and supporting essential commerce features like delayed capture, tax finalization, and refunds

• Customer Rewards: Shopify plans to provide 1% cash back to US customers who pay with USDC on Base (coming later this year).

• Based: Shopify chose Base to bring fast, cheap, and secure crypto payments mainstream.

DEX Trading on Coinbase

DEX (decentralized exchange)trading will be seamlessly integrated into the main Coinbase app, letting customers trade thousands (and eventually millions) of assets from the moment they’re created,in the same simple and trusted interface that customers know and love. For builders, this means getting access to Coinbase’s millions of users by having their assets tradeable in the Coinbase app. Key features include: 

• Expansive and earlier access to assets: Starting with support for assets on Base, and over time expanding to more networks and protocols.

• Abstracted complexity: Users can fund trades using their same Coinbase balance and payment methods, no separate wallet setup required.

• Secure and informed: Your assets stay in your self-custodial wallet—fully under your control. Before you trade, we surface the key data you need to make confident, informed decisions.

Coinbase One Card

Earn up to 4% bitcoin back on every purchase with Coinbase’s first-ever credit card, created in collaboration with Cardless and powered by American Express.The Coinbase One Card is coming this fall and is exclusively available to Coinbase One members. A new Coinbase One Basic tier is also rolling out, with membership fees as low as $4.99/month or $49.99/year. Features include:

• Hold more to earn more: The more assets you hold on Coinbase, the more bitcoin you can earn. Everyone starts at 2% and can earn up to 4% back on every purchase. 

• Piece of history in your wallet: Each 17g metal card is etched with code from the Genesis Block, the first block in the Bitcoin blockchain that started a new era for economic freedom.

• Benefits with peace of mind: Access benefits through the American Express Network, including access to unique experiences, offers, and protections.¹

• Coinbase One customers can join a waitlist now at coinbase.com/creditcard.

A Bright and Stable Future

As crypto, and specifically stablecoin, adoption continues to accelerate across both retail and institutional audiences, we’re excited to help shape this next chapter: one where money moves with the speed, efficiency, and accessibility the internet made possible. Stay tuned as we roll out each of these new products throughout the year - we can’t wait to show you what’s next.

If you’d like to catch up on the 2025 State of Crypto, the full recording is available here.

DISCLOSURES

Coinbase One Card is offered by Coinbase, Inc. and Cardless, Inc. Cards issued by First Electronic Bank. American Express is a registered trademark of American Express and is used by the issuer pursuant to a license. 

The Coinbase One Card is subject to creditworthiness and other eligibility criteria. An active, paid Coinbase One membership is required to open and maintain a Coinbase One Card account and earn bitcoin back. For Coinbase One Basic, an annual plan is required. If your membership becomes inactive or is canceled, your Coinbase One Card account may be closed. Bitcoin back rewards rates are based on the cardholder’s assets held on Coinbase. We’ll share more when the Card becomes available.

Not all transactions are eligible to earn bitcoin back, including transactions that are a cash equivalent and gambling or betting transactions. Coinbase may, at its sole discretion, determine a transaction is not eligible to earn bitcoin back and may deny, restrict, or claw back bitcoin rewards accordingly. All bitcoin rewards are offered by Coinbase. Bitcoin rewards can decline in value. Rewards Program Terms & Conditions are subject to change.

¹The cardholder benefits are subject to additional terms, conditions, and exclusions.