Seven of the world’s largest banks now use Coinbase infrastructure, according to Brett Tejpaul, co-CEO of Coinbase Institutional. The driver of institutional adoption is shifting from Bitcoin ETFs to stablecoin payments, with instant transfers from a Citi account in USDC to a corporate account across the blockchain. The sector now processes about $400 million in stablecoins per hour, prompting banks’ “Kodak moment” and paving the way for a new wave of entrants. Bitcoin benefits from a favorable macro setup, but its performance remains disappointing and institutions still treat it mainly as a tech trade. Coinbase also claims a 90% share of ETF custody and aims to connect U.S. funds to Deribit’s options market, which accounts for 85% of its volume.
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