Coinbase is the largest regulated cryptocurrency exchange in the United States, where tens of millions of users buy, sell and hold digital assets. Trading fees still swing with crypto market cycles, but subscriptions and services, including custody for institutions, staking, and interest income tied to the USDC stablecoin it co-founded, have grown into a steadier second pillar. Compliance-first positioning is the strategic bet: when rules tighten, the licensed venue benefits. Founded in 2012, Coinbase came public in 2021.