Coinbase Wallet Drops Base App Name, Rolls Out 50x USDC-Settled Perps

From Social Hub Back to Trading

Coinbase is retiring the “Base app” branding and returning its self-custody wallet app to the Coinbase Wallet name, the company announced on September 11 through its official X account. The reversal unwinds a July 2025 rebrand that had folded the wallet into an all-in-one application combining social feeds, trading and payments. The social-first concept never gained traction — CEO Brian Armstrong conceded as much in March — and the product has since been rebuilt around its original core: trading. Product lead Ryan Cas now frames the wallet as a “test kitchen,” letting users trade straight from self-custody, with no identity check, and sample tokens that have not yet secured a listing on Coinbase's main exchange. First in that lineup are perpetual futures routed through Hyperliquid, the perpetuals-focused decentralized trading application, alongside emerging tokens, prediction markets and tokenized stocks. A dedicated interface called Pulse Mode, unveiled by engineer Kerem Gurel, is designed to make perp trading simpler and faster, extending the Simple Mode onboarding flow Coinbase introduced in December 2023. For users outside the United States, the terminal covers more than 290 markets spanning cryptocurrencies, tokenized equities and commodities, with leverage of up to 50x — and every position is collateralized and settled in USDC, the dollar-backed stablecoin. Orders are executed through Hyperliquid, but funds remain in the wallet at all times; the two companies have been working on the integration since August. US residents are excluded from the leverage feature, one of several regional restrictions. On the infrastructure side, the wallet now supports Base, Ethereum (ETH), Solana (SOL), BNB Chain, Optimism, Arbitrum, Polygon and Avalanche, with Monad and Robinhood Chain newly added — and more networks to follow as they go live. Coinbase says revenue comes from trading and product fees but has not disclosed rate details; Base-native assets will continue to surface naturally in the wallet.

Canada's OSFI Draws the Line on Deposits

While Coinbase retrenches around retail trading, Canadian regulators are settling a foundational question for tokenized money. The Office of the Superintendent of Financial Institutions (OSFI) issued a statement on tokenized and other digitally represented deposits on September 10, 2026, making clear that a deposit expressed in digital or blockchain form is not legally distinct from a conventional deposit. The position rests on a technology-neutral principle: the legal character of a financial product is determined by the underlying product or service itself, not by the technology used to represent it. Tokenization alone therefore cannot confer a different legal status on a deposit. For federally regulated institutions, the practical consequence is that existing deposit rules apply unchanged when they handle tokenized deposits, and responsibility for compliance does not shift when work is outsourced — the institution itself remains on the hook. OSFI points to two binding guidelines: B-13 on technology and cyber risk management, in force since January 2024, and B-10 on third-party risk, and it encourages institutions to consult their principal supervisor and obtain legal advice before launching new digital products. Stablecoins sit deliberately outside this statement. Under the 2025 federal budget, Canada built a separate framework for fiat-backed stablecoins, with the Bank of Canada tasked with supervising issuance by non-financial firms. The regulatory clarity lands as real-world deployment accelerates: SWIFT announced in July 2026 that its blockchain-based shared ledger is ready for initial use, with 17 banks across six continents — including ANZ, BNP Paribas, Citi, HSBC, MUFG and UBS — preparing live-transaction pilots for 24/7 tokenized cross-border payments, as the press release details. Readers tracking the market in real time can follow live spot and futures prices on Bybit.

Tokenized Finance Finds Its Regulatory Footing

Read together, the two developments trace one arc: tokenized finance is entering the regulated mainstream from both ends. OSFI's statement — the load-bearing primary document here — establishes that a tokenized deposit keeps every legal property of a deposit, while Coinbase is compressing perps, tokenized equities and stablecoin settlement into a single self-custody interface. With settlement running through USDC in retail products and deposit tokens moving under banking law, the tokenization layer is becoming plumbing rather than a product category. For traders weighing where these rails live, our guide to the best crypto exchanges breaks down the venues already exposing users to them.