The lines between traditional finance and the crypto economy are blurring faster than ever. With major developments like Coinbase’s potential acquisition of Deribit, Stripe launching its stablecoin USDB, and a surge of crypto firms pursuing U.S. listings, the financial world is witnessing a structural shift. This isn’t just about technology—it’s about institutional adoption, regulatory evolution, and the redefinition of digital asset infrastructure.
In this deep dive, we unpack the latest movements shaping the future of finance, from exchange consolidation to stablecoin innovation and the growing appeal of tokenized real-world assets (RWA).
Coinbase’s Strategic Push: Acquiring Deribit and Beyond
Recent reports suggest that Coinbase is in advanced talks to acquire Deribit, one of the largest crypto derivatives exchanges. While the deal hasn’t closed, the market implications are already clear: centralized exchanges are consolidating to capture more of the value chain.
At first glance, the move seems bold—especially given Coinbase’s recent financial performance. Despite a decline in core trading revenues, the company is making high-stakes bets on expansion. Analysts estimate the acquisition could value Deribit at over $2.9 billion, reflecting a price-to-sales (P/S) ratio of around 8x—a premium that signals strong confidence in derivatives as a growth engine.
But why derivatives?
- Derivatives trading volume consistently outpaces spot markets during volatile periods.
- High-margin futures and options offer more sustainable revenue than spot trading fees.
- With its own in-house derivatives platform underperforming, acquisition offers a faster path to scale.
This mirrors broader industry trends. Platforms like Kraken acquiring NinjaTrader, Robinhood expanding into crypto, and Ripple’s partnership with Hidden Road all point to a new era: “Coin-Stock Convergence.”
Regulatory shifts are enabling this. As U.S. regulators clarify frameworks for digital assets, established financial players feel safer integrating crypto services—accelerating institutional adoption.
The U.S. Listing Surge: Crypto Firms Going Public
A wave of crypto-native companies are pursuing U.S. public listings, moving beyond early miners like Bitfury to include exchanges, infrastructure providers, and even DeFi-adjacent firms.
Why go public?
- Access to institutional capital
- Enhanced credibility and regulatory compliance
- Liquidity for early investors and employees
- “Landing safely”—a cultural metaphor in China’s crypto scene for legitimizing once-marginalized ventures
Take Cantor Equity Partners (CEP), a SPAC listed on Nasdaq. Backed by Tether, Bitfinex, and SoftBank through Twenty One Capital, it aims to replicate MicroStrategy’s Bitcoin-as-treasury-reserve model—but with broader asset backing.
Yet, there's a catch: traditional investors aren't rushing to use native crypto exchanges. They prefer regulated, audited platforms integrated into familiar financial ecosystems. That’s why going public isn't just about fundraising—it's about building trust with Wall Street, not just Web3.
👉 See how leading platforms are bridging crypto and traditional finance—click to learn more.
The Rise of Web3 Exchanges: Fragmentation and Competition
Despite bullish momentum, crypto platforms face a growing challenge: user acquisition fatigue.
Unlike the early days when new users flooded in during bull runs, today’s market is saturated. Platforms now compete not only with each other but with mainstream fintech apps like Robinhood and SoFi, which offer crypto trading with zero learning curve.
Consider Bakkt: in Q1, 74% of its crypto fee revenue came from Webull, an online brokerage. This highlights a key trend—retail access is increasingly mediated by traditional fintech gateways, not pure-play crypto exchanges.
Over the next five years, expect major shifts in the Web3 trading ecosystem:
- More partnerships between legacy brokers and crypto platforms
- Increased use of tokenized securities and STOs (Security Token Offerings)
- Regulatory clarity lowering barriers for asset tokenization
STOs, in particular, could become a bridge for traditional capital. By turning real-world assets—real estate, bonds, private equity—into blockchain-based tokens, they offer liquidity, transparency, and fractional ownership without sacrificing compliance.
Stripe’s Stablecoin Move: USDB and the Future of Payments
Stripe’s entry into the stablecoin arena marks a pivotal moment.
The global payments giant launched USDB, a dollar-backed stablecoin, alongside a new global stablecoin financial account system. This isn’t just another payment rail—it’s a full-stack infrastructure play aimed at developers and enterprises.
Why does this matter?
- Stablecoins are no longer just for speculation—they’re becoming operational tools for cross-border payouts, payroll, and B2B settlements.
- Stripe’s network spans millions of businesses worldwide—integration means instant scale.
- Unlike Tether or Circle, Stripe brings deep relationships with banks and regulators.
Some speculate that Stripe’s $1.1 billion acquisition of Bridge was less about tech and more about positioning within a broader ecosystem—possibly orchestrated by backers like Sequoia to build a compliant on-ramp for institutional capital.
But competition is fierce. Tether is expanding beyond trading, piloting stablecoin use in insurance premiums and supply chain financing. The future? Stablecoins embedded invisibly into everyday financial services, where users don’t even realize they’re using crypto.
The Era of "Everything on Chain"
We’re entering the “Everything on Chain” era—where real-world assets (RWA) are tokenized at scale.
From tokenized U.S. Treasury bills to carbon credits and music royalties, blockchain is redefining ownership and liquidity. Hong Kong has experimented with RWA initiatives, but critics argue these efforts miss the mark by focusing too narrowly on compliance rather than utility.
A key insight: traders increasingly prefer tokenized money market funds (TMMF) over stablecoins as collateral. Why?
- TMMFs offer yield by default
- They’re backed by real interest-bearing assets
- Regulatory familiarity makes them easier to adopt
To attract global liquidity, regulators need new frameworks—one that balances innovation with oversight. The goal isn’t just to digitize assets, but to create interoperable, yield-generating financial layers that work across borders.
Frequently Asked Questions (FAQ)
Q: Why is Coinbase interested in acquiring Deribit?
A: Coinbase needs to diversify beyond declining spot trading revenue. Deribit gives it immediate access to a dominant derivatives market, higher-margin products, and global user growth—especially in Asia and Europe.
Q: Are more crypto companies likely to go public in the U.S.?
A: Yes. As regulatory clarity improves and investor demand grows, expect more crypto-native firms—from custody platforms to DeFi protocols—to pursue SPACs or direct listings.
Q: How does Stripe’s USDB differ from USDT or USDC?
A: While USDT and USDC focus on liquidity and trading, USDB is designed for enterprise use—integrated directly into Stripe’s payment infrastructure for developers and global businesses.
Q: What are STOs, and why do they matter?
A: STOs (Security Token Offerings) tokenize traditional assets like stocks or real estate on blockchain. They matter because they bring blockchain efficiency to regulated markets—opening doors for institutional investment.
Q: Will stablecoins replace traditional payment systems?
A: Not replace—but augment. Stablecoins will become embedded in existing systems for faster settlements, lower costs, and programmable finance, especially in cross-border transactions.
Q: Is the "everything on chain" trend sustainable?
A: Yes, if backed by real value and clear regulation. Tokenization can unlock trillions in illiquid assets—but only if legal frameworks evolve alongside technology.
Final Thoughts: The Great Financial Convergence
The boundary between traditional finance and crypto is dissolving—not through disruption, but integration.
From Coinbase expanding into derivatives, to Stripe launching enterprise-grade stablecoins, to crypto firms going public, we’re seeing a coordinated push toward a hybrid financial system. In this new world:
- Regulation enables innovation
- Tokenization unlocks liquidity
- Stablecoins become invisible rails
- Exchanges evolve into full-service financial platforms
The future isn’t “crypto vs Wall Street.” It’s crypto with Wall Street—and it’s already here.
👉 Stay ahead of the convergence—explore how digital finance is evolving today.