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Coinbase to Launch Base Token

MB
SB
Marc Baumann, Sangam Bharti· September 16, 2025· 3 min read

Coinbase confirmed it is exploring a token for its Ethereum L2, Base. No design or timeline yet, but it’s now public strategy. [Tweet]

Why it matters: With 13M daily txns, 865K active addresses, $5B TVL, and $1.28B in daily DEX volume, Base already outpaces Arbitrum and Optimism on activity. A token launch would instantly create a top-tier L2 asset and Coinbase’s $84B market cap adds a “Coinbase premium” that could push valuation to the $8B–$10B range out of the gate.

(Source: The Block)

Competitive context:

  • Arbitrum (ARB): $3.45B TVL, ~$5B FDV
  • Optimism (OP): $2.27B TVL, ~$3.2B FDV
  • BSC (BNB): $7.59B TVL, $128B FDV, $2.5B daily DEX volume
  • Base: $5B TVL, $1.28B daily DEX volume, FDV TBD

Base and BNB Chain share one key trait: strong backing from major exchanges. Base has grown faster than most other Layer 2 networks, and with its token now live, it’s starting to be viewed as another digital asset treasury option alongside Bitcoin and Ethereum, much like BNB.

Strategic implications: Coinbase could own the first U.S.-regulated, enterprise-friendly L2 token. For enterprises, it means Base could become the “default corporate L2” for tokenisation, payments, and stablecoin rails.

Also: An open-source bridge between Base and Solana went live in testnet, with mainnet launch weeks away. [ANNOUNCEMENT]

Our take: For a long time, Coinbase said, "no token." They wanted to build a solid product first, which they did. Base now boasts transactions that are incredibly fast and cheap ("sub-second, sub-cent"). Having proven the technology, a token is the next logical step to fuel growth and, importantly, decentralize the network. A token can give users and developers a real stake in the ecosystem, turning them from passive users into active participants.

A successful Base token would legitimize corporate-owned networks issuing tokens. This could be interesting for Stripe (launching Tempo blockchain) and Circle (launching Arc blockchain) to follow.

This is about becoming the default blockchain for business. The most significant implication here is the potential for the first U.S.-regulated, enterprise-friendly L2 token. For a corporation looking to get into blockchain for payments, tokenizing assets, or using stablecoins, the choice becomes simple. Do you go with a network run by a dispersed, anonymous community, or do you choose the one backed by a publicly-traded, regulated U.S. company like Coinbase? For many, that's a no-brainer. Base could become the "corporate L2," the foundational layer for businesses to build upon.

What to watch. The big question now is how Coinbase will design this token. An "airdrop" to early users is widely anticipated and has generated significant buzz within the crypto community. How they structure incentives and governance will be critical to proving that a corporate-backed network can also be a truly open and community-driven platform. All eyes will be on how they navigate the inevitable regulatory scrutiny that comes with launching a new token from a U.S. company

Other news to follow today:

  • MetaMask's mUSD stablecoin went live
  • Helius raised $500M to build a Solana treasury
  • Bitwise files with SEC to launch spot Avalanche ETF
  • Ethereum Foundation launches AI team to link blockchain with Silicon Valley
  • Google and Coinbase enable stablecoin payments for AI applications worldwide
  • Stablecoin company Stablecore raises $20M

That’s all for today.

See you tomorrow.

Best,

Marc

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Coinbase to Launch Base Token