Coinbase Institutional Co-CEO: Bitcoin Sees Institutional Capital Shift

Seven of the largest banks globally are utilizing Coinbase infrastructure. Brett Tejpaul, Co-CEO of Coinbase Institutional, describes this as a "Kodak moment." The focus has shifted from Bitcoin ETFs to stablecoin payments, allowing funds to move from a Citi account to USDC and across the blockchain instantly. Tejpaul notes that while the macroeconomic setup for Bitcoin is favorable, its performance has been underwhelming, with institutions still viewing it primarily as a tech trade. He highlights that $400 million in stablecoins are processed hourly, indicating a significant shift in banking operations. Tejpaul emphasizes that stablecoins are just the beginning, with payment providers leading the way before banks fully engage. He also discusses the arrival of agentic commerce alongside major players and questions whether Bitcoin remains a leveraged tech trade due to its disappointing performance despite a strong setup. The conversation touches on Coinbase's role in connecting U.S. funds to Deribit's options market and the emergence of a second wave of institutional entrants.

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