Seven of the world's largest banks are currently utilizing Coinbase infrastructure, according to Brett Tejpaul, Co-CEO of Coinbase Institutional. Speaking in a recent interview, Tejpaul stated that these major financial institutions are experiencing a "Kodak moment" as the market undergoes significant structural shifts.
During the discussion, Tejpaul noted that the primary driver in the crypto sector has shifted from Bitcoin exchange-traded funds (ETFs) toward stablecoin payments. Money can now move directly from accounts, such as a Citi account, into USD Coin (USDC), travel across the blockchain in a second, and land in a corporate account on the other side. Stablecoin transaction volume has reached $400 million an hour, though Tejpaul described current stablecoin adoption as a "speck of dust" compared to traditional payment providers and banks.
Regarding Bitcoin, Tejpaul offered a candid assessment, stating that while the macroeconomic setup is strong, Bitcoin's performance has been disappointing, and institutions are not yet treating it as anything other than a leveraged tech trade.
Tejpaul also highlighted the arrival of a "second wave" characterized by net-new entrants, which coincides with the emergence of agentic commerce and efforts to connect U.S. funds to platforms like Deribit, which holds an 85% market share in options. Coinbase maintains a 90% share of ETF custody.
