Shan Aggarwal
@ShanAggarwal
chief business officer & head of IR @coinbase
3K Following 19.6K Followers
few highlights from our new research w/ @TheBlockCo:
- hundreds of millions of dollars are being moved via stablecoins, every hour, around the world. real demand, at scale.
- 73% of volume is happening outside U.S. banking hours, pointing to their appeal both as an alternative when traditional rails are open, and as a necessity when they are not.
money is catching up to the way the world works today.
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great getting this group of coinbase acquired founders together. M&A has been critical for Coinbase:
- Xapo helped seed the market leading Custody platform
- Tagomi led to the Coinbase Prime
- FairX and Deribit form the foundation of our global derivatives business
- Echo led to our cap formation efforts and brought us the #1# customer support rep on X
- Vector has built out DEX trading directly in Coinbase
- Clearing Co helped build predictions into our fastest growing revenue stream ever
and many more! joining @coinbase is only the beginning, and we’re always on the hunt for the best new founders/teams to join us.
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Year two of our Acquired Founders Dinner and it’s starting to feel like a tradition. Great to bring together founders who built from the ground up and are now helping shape @Coinbase. Good stories, new connections, and a lot of builder energy 📷
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coinbase processed nearly $1T in stablecoin transfer volume in the last year alone, and we’re just getting started with @CoinbaseDev seeing great growth. the next big leap will be integrating stables into traditional capital markets.
great new stablecoin research by @AlliumLabs
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Our Q3 State of Stablecoins & Payments report is live.
9 months of onchain data. 15+ industry perspectives, including Visa, Stripe, Coinbase, Citizens, Stellar, Moody's Ratings and more.
From stablecoin supply to payments, cards and AI agents.
Download the full report:
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“Breaking the Wall” by @citrini really hit the mark. A few things that stood out to me:
- legacy financial rails were built for people, not software acting on their behalf. blockchains offer always-on, programmable infrastructure for a global, 24/7 economy.
- tokenization is bringing treasuries, equities, and credit onchain—where they can move across applications and be used for trading, lending, and collateral.
- the key investment question isn’t just what moves onchain. it’s who captures the value.
that’s why I believe @Coinbase is so well positioned. we’re building well beyond a crypto exchange: bringing trading, payments, and onchain infrastructure together to make financial services more open, global, and useful for people and AI agents.
@base already has the developers and applications. bringing more assets into that ecosystem expands what’s possible.
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after 8+ years at @Coinbase, I'm still learning every day. the past year as CBO and now leading IR has brought a whole new set of challenges and a fresh perspective on the business.
great convo w/ @derekhsue about what we’re building and what’s ahead - with a little padel talk along the way.
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Earlier this summer I had a great conversation with @ShanAggarwal, Chief Business Officer at @coinbase.
We cover a ton of ground, including what his role entails, how it's evolved through the years, Coinbase's M&A and product strategy, interesting deals he's worked on, and career advice he'd have for folks just starting out.
Shan has a unique vantage point in the industry and it was fun to sit down with him. Hope you enjoy!
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Timestamps:
(0:00) Intro
(1:37) Shan’s role and his journey from VC to Coinbase
(5:11) Acquiring Tagomi, building Coinbase Prime, and raising in a bear market
(12:03) The evolution of Coinbase’s culture
(25:14) Prediction markets, Coinbase Ventures, and competing with partners
(32:10) Tokenized equities and bootstrapping on-chain liquidity
(36:32) USDC, Hyperliquid, and stablecoin network effects
(40:28) How Coinbase integrates acquired companies
(43:16) Repositioning Coinbase beyond a crypto exchange
(50:39) Padel, protocol IR, and Shan’s crypto convictions
(57:30) Leadership lessons and betting on high-agency people
(1:07:12) Cobie, Echo, and Coinbase’s capital-formation strategy
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merchants around the world can now enable stablecoin checkout through their existing integration with Yuno
powered by @CoinbaseDev, we're making it easy to accept and use stablecoins
Stablecoin checkouts: ON
Merchants on Yuno's platform can now accept stablecoin payments through their existing integration. No additional development work.
Coinbase payments acceptance is built to be seamless.
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stablecoins are money built for the internet: always on, global, and programmable. exactly what AI agents need to operate in the digital economy.
thanks for the chat @watchbmtv @BitcoinMagazine!
Coinbase's Shan Aggarwal (@ShanAggarwal) on AI agents paying in Bitcoin and stablecoins:
"We think AI agents will drive the next wave of commerce and they're going to need money that's programmable, global, and always on."
"Right now, what we see is that the dominant asset that they use among crypto assets is stablecoin, but we enable agents to use any crypto asset."
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Coinbase Derivatives open interest across US and non-US (incl Deribit) is now over $50B.
Perps in the US are scaling nicely, with Deribit enroute to the US soon giving US users access to even deeper liquidity. Higher.
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Record-breaking week for Coinbase Derivatives.
Open interest just hit an all-time high of $1.6B, with over $6B in notional volume already traded this week.
And we’re just warming up for Q4.
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tap the cashtag, trade it on @coinbase
See a ticker on 𝕏.
Tap the Cashtag.
Trade it on Coinbase.
last year @coinbase closed the biggest acquisition in crypto history with @DeribitOfficial. I get asked a lot about how it's going, and the answer is - largely great! some wins from the team from the last few weeks:
- launched 100+ new USDC-settled contracts across 5 market areas, including pre-IPO perps, part of Deribit's largest-ever perps expansion
- offered equities and ETFs as perps for the first time
- rolled out a new matching engine to boost the core trading infra, making the trading environment faster and more predictable at scale without changing the user experience
- added access to to Coinbase spot liquidity for Deribit spot execution
integrations are hard and still a lot of work to do, but excited to share more milestones in the near future
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IPOs on Coinbase look good. First up, Oura.
Now you can participate in IPOs on Coinbase
We’re giving US retail customers more access to primary financial markets.
This is the next step toward building the Everything Exchange, a trusted platform to trade any asset at any stage of its lifecycle.
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it's only been a few days since the CLARITY vote, and already we're seeing the SEC and CFTC step up
this tokenization exemption from the SEC sets up the ability to offer tokenized stocks in the US
reg clarity on the move
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The best financial products and opportunities should be in America.
Tokenized stocks now move closer than ever to launching in the US, thanks to the SEC.
Clarity is still coming to crypto.
moov last week, stablecore this week
we’re bringing digital assets to banks!
Crypto and stablecoins are coming to your local bank app.
We're partnering with Stablecore to integrate regulated digital asset custody, trading, and payments into thousands of community banks and credit unions.
Finance is moving onchain - banks included.
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disappointing, but we're not slowing down and the industry won't either
our business has been built through years of uncertainty and hostile regimes, we're used to it
zooming out, we're in a significantly better place today than we were a few years ago - pro innovation SEC/CFTC and GENIUS going into effect in early 2027
today was a missed opportunity for the US, but the biggest opportunities for the industry are still ahead and we've made meaningful progress over the past few years
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The CLARITY Act didn't advance in the Senate today, which was a disappointment. While it's possible bi-partisan conversations continue and it lives to fight another day, we can't wait on Congress anymore.
The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest.
So clarity is coming to crypto regardless.
And of course GENIUS is already the law of the land for stablecoins, which is even more permissive on rewards. There were some concessions we made on CLARITY that were tough to swallow, so perhaps it's for the best.
Crypto can't be uninvented. With clarity emerging through the regulators, we'll continue updating the financial system.
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for the love of the game and 🇺🇸
cb wallet is back! onchain trading looking good here 👀
Base App is now Coinbase Wallet.
Built for speed. Trade anything, anywhere, without asking permission.
something under appreciated about @coinbase is our infrastructure business. we've spent the better part of a decade building best in class infrastructure for banks, brokers, fintechs, and developers to build onchain.
this is available through @CoinbaseDev and powers many leading institutions.
regulatory clarity and the convergence of crypto and traditional finance is a tailwind. the water is warm, and we're excited to partner with firms like @moov to enable participation in the space.
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Banks benefit from crypto.
We're partnering with @Moov to provide small and community banks the infrastructure for stablecoins.
That means acceptance, settlement, and real-time funding for more than 1000 of them, through the tech stacks they already use.
This is what regulated stablecoin infrastructure looks like.
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main takeaway from today's @GoldmanSachs conference: tokenization is poised to transform the global financial system. we've been building for this future, and it's why our tokenized equities provide actual ownership, fully backed reserves, and shareholder rights.
as @emiliemc said on stage, international markets are moving faster than the US so we launched there first. these are real tokenized equities - not derivatives, synthetics exposure, or tokens that just track a stock's price. users around the world get access and real ownership, including dividends where applicable and voting rights in the near future.
similar to stablecoins, another critical building block for onchain markets that become portable and useful for collateral, lending, composable trading, memes, and more.
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I had a great conversation with our CFO Alesia Haas, and James Yaro at Goldman Sachs’ Communacopia + Technology Conference today.
Coinbase is not going after just a piece of the crypto market, we’re helping transform the entire financial system. That’s a roughly $50T opportunity, and the vision behind the Everything Exchange: one trusted place to trade any asset, anytime - from derivatives and prediction markets to equities, tokenized assets, and onchain markets.
Regulatory clarity will accelerate this transition, but we’re not waiting. We’re building the future of finance now.
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Grok 🤝 Coinbase
Grok can now trade and manage a portfolio on @Coinbase.
Add the Coinbase connector, then ask Grok to check balances, analyze data, and place or cancel trades for any available asset, right from chat.
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