Coinbase has taken another major step toward its goal of becoming an 'everything exchange' for both crypto and traditional assets.
The company recently launched perpetual futures for stocks and ETFs, available 24/7 to non-U.S. customers and settled in USDC. This move is the culmination of a multi-year strategy designed to bridge the gap between traditional finance (TradFi) and the crypto world. By offering these products offshore, specifically through its entity in Bermuda, Coinbase is strategically navigating the stringent regulatory environment within the United States.
The launch wasn't an overnight decision; it followed a series of deliberate actions. First, in the weeks leading up to the launch, Coinbase prepared by halting 25 other perpetual contracts to concentrate liquidity and operational resources. It also publicly signaled its plans after expanding its European offerings to include equity-linked derivatives, testing the infrastructure and market demand.
Second, this strategic push is happening under the watchful eye of regulators. The European Securities and Markets Authority (ESMA) has already warned that products like these will likely be treated as Contracts for Difference (CFDs). This classification is significant because it triggers strict rules, including caps on leverage and mandatory investor protections. This forces Coinbase to carefully manage its distribution, focusing on non-EU jurisdictions or tailoring its products to comply with local rules.
Third, the foundation for this launch was laid long ago. Key steps include obtaining regulatory approval in Bermuda in 2023, which provided the legal framework for its international exchange, and successfully launching regulated crypto perpetuals in the U.S. in 2025, which hardened its risk management systems. These foundational moves enabled Coinbase to expand into offering 24/7 equity risk transfer, a feature designed to address the price gaps that occur in traditional stock markets when they are closed over weekends and holidays.
- Perpetual Futures: A type of derivative contract that has no expiration date, allowing traders to hold positions for as long as they wish. They are designed to track the price of an underlying asset closely.
- CFD (Contract for Difference): An agreement between a buyer and a seller to exchange the difference in the value of an asset from the time the contract is opened to when it is closed. It allows traders to speculate on price movements without owning the underlying asset.
- ESMA (European Securities and Markets Authority): An independent EU authority that works to improve investor protection and promote stable and orderly financial markets.