Coinbase closes the year with its biggest product overhaul ever, launching commission-free stock trading alongside prediction markets, on-chain Solana trading, custom stablecoins, simplified derivatives, and an AI-powered advisor—signaling a clear ambition to become an everything exchange and a vertically integrated financial institution. The episode unpacks why the crypto-native backlash misses the larger transformation underway, and why this move looks less like a retreat from crypto and more like crypto dissolving into mainstream finance.

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