Coinbase co-CEO: Bitcoin's second institutional capital wave is here

Seven of the world's biggest banks now use Coinbase's infrastructure, and Brett Tejpaul, Co-CEO of Coinbase Institutional, says that amounts to a “Kodak moment.” Tejpaul speaks with Grace Remington and Sean Hagan about why the main driver has moved from Bitcoin ETFs to stablecoin payments, now that money can shift from a Citi account into USDC, cross the blockchain in a second and land in a corporate account on the other side. He is also candid about Bitcoin: the macro setup is strong, the performance has disappointed, and institutions have yet to see it as anything other than a tech trade.

Chapters:
0:00 Seven of the biggest global banks rely on Coinbase infrastructure
1:19 Citi, USDC and instant bank-to-blockchain transfers as the emphasis moves from ETFs to payments
2:44 $400 million an hour in stablecoins and the banks' “Kodak moment”
4:38 Payment providers come ahead of banks, with stablecoins a “Speck of Dust”
6:10 Agentic commerce arrives at the same time as the big players
6:49 Is Bitcoin still a leveraged tech trade? “Disappointing” performance, strong setup
8:44 Linking U.S. capital to Deribit's 85% share of the options market
11:06 The second wave: fresh entrants and Coinbase's “Amazon to AWS” pivot
12:57 Mobilizing the whole U.S. through Coinbase infrastructure
13:56 Quantum, a 90% ETF custody share and “Safe Forever”

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