Crypto Market Weekly Report: Coinbase Seizes Stablecoin Opportunities, Base Ecosystem Thrives

This week, the crypto market has continued to fluctuate under the influence of geopolitical conflicts and Federal Reserve policies. The stablecoin sector is showing signs of warming up, as the U.S. Senate has passed the GENIUS Stablecoin Act, and institutions like JD.com and Revolut are actively positioning themselves. Circle's stock has performed strongly, and TRX and FET have also made moves in the U.S. stock market.

This week's report focuses on the latest developments from Coinbase.

1. Coinbase Strategic Layout

Coinbase has been active this week in product innovation, partnership expansion, and regulatory responses, especially demonstrating ambition in the application of stablecoins and integration with traditional finance. The Base ecosystem has recently performed strongly, and Coinbase's stock price surged over 10% at one point.

1. Product Innovation

Coinbase plans to integrate the main app with Base chain's DEX services, allowing users to conduct on-chain transactions directly within the app. This initiative aims to enhance the accessibility of DeFi by combining centralized user experiences with decentralized infrastructure.

Unlike Binance Alpha, Coinbase's DEX integration has no entry barriers, allowing all Base chain projects to be easily traded. Aerodrome, as the core DEX of the Base chain, plays an important role in this integration, and its growth potential is worth paying attention to.

Market data shows:

• The trading volume of AERO surged from around 50M to 200M in a short period.
• The contract open interest reached this year's high of 53 million dollars.
• Aerodrome ranks first in various metrics on the Base chain, accounting for approximately 55% of DEX trading volume.

However, the revenue from the Aerodrome protocol has not significantly increased, and the price rise is more attributed to emotional responses. Participation should still be approached with caution.

2. Cooperation and Ecological Expansion

Coinbase is actively promoting the application of USDC to make it the globally dominant dollar stablecoin, which is closely related to its international expansion strategy. If regulations are relaxed, the future Coinbase app may integrate spot, contract, DEX, and coin-stock trading.

Coinbase has close ties with the Trump family, seeking strategic benefits through donations and support for its encryption policies.

2. Policy Regulatory Trends

The U.S. Senate passed the "GENIUS stablecoin bill" with a vote of 68 to 30, which will be sent to the House of Representatives for review. Trump urged the House to expedite the legislative process.

Main content of the bill:

• Require members of Congress and executive officials to disclose holdings of more than 5000 stablecoins.
• These officials are prohibited from profiting from stablecoins, but the president is not subject to this restriction.

This exemption has sparked controversy over conflicts of interest, especially considering Trump's encryption business activities. Democratic lawmakers attempted to pass an amendment to prohibit the president from profiting, but were unsuccessful.

The bill received bipartisan support but also underwent intense negotiations. Its passage demonstrates Congress's emphasis on the regulation of cryptocurrency, but specific implementation still faces challenges.