Coinbase System Update
Coinbase rolled out a major “System Update” yesterday as it pushes to become what it calls the “Everything Exchange.” New products include tokenized stocks, pre-IPO perps, stock and crypto options, prediction markets (and “combos”), an AI powered Advisor, 5% back on travel payed in BTC, thematic ETFS, stablecoin payments, developer tools, and infrastructure for companies that want to offer crypto without building the plumbing themselves. The bigger picture is that Coinbase is no longer trying to be just a crypto exchange. It is trying to become the onchain version of a bank, brokerage, payments company, and developer platform all at once. Read more →
Confidential DeFi
Zama, Morpho and Steakhouse Financial are launching a new Ethereum vault that lets institutions earn DeFi yield without showing their balances or transaction amounts publicly onchain. The product uses Zama’s encrypted version of USDC, called cUSDC, and routes deposits into Morpho’s existing Steakhouse USDC Prime vault. Overall, this allows companies to put stablecoins to work in DeFi without broadcasting their full financial playbook to competitors, traders or front-runners. Deposits are expected to open June 23. Read more →
Illinois Signs 0.2% Crypto Tax
Illinois Governor JB Pritzker signed Senate Bill 3019 on Tuesday, where buried deep inside was a measure to enact a 0.2% tax on crypto transactions. The Digital Asset Privilege Tax Act, tucked inside the 1,624-page revenue bill that forms part of Illinois’ $55.9 billion fiscal year 2027 budget, levies a 0.2% charge on the value of any digital asset involved in an exchange, transfer, custody, or wallet service conducted on behalf of an Illinois customer. The tax would take effect on January 1, 2027. Quite obviously the industry is up in arms. Read more →
📥️ Want to advertise in CoinSnacks? Learn More