Crypto adoption is set to accelerate in 2026 as momentum from exchange-traded funds (ETFs), stablecoins, tokenization and clearer regulation begins to reinforce itself, according to Coinbase’s head of investment research, David Duong.
Key Takeaways:
- Coinbase expects ETFs, stablecoins and tokenization to reinforce each other and drive faster crypto adoption in 2026.
- Global crypto adoption has stabilized, signaling market maturity rather than stalled growth.
- Clearer regulation in the US and Europe is enabling deeper institutional participation and real-world integration.
In a year-end outlook shared on X this week, Duong said 2025 marked a turning point for the digital asset sector, with regulated spot ETFs opening the door for broader investor access, corporate crypto treasuries gaining traction, and stablecoins and tokenized assets becoming more embedded in traditional financial workflows.
Coinbase: ETFs, Stablecoins and Tokenization Set to Accelerate in 2026
These trends, Duong argued, are likely to strengthen rather than fade.
“We expect these forces to compound in 2026 as ETF approval timelines compress, stablecoins take a larger role in delivery-vs-payment structures, and tokenized collateral is recognized more broadly across traditional transactions,” he said.
While crypto adoption has grown more gradually than early evangelists once predicted, the trajectory has remained stable.
Data from analytics platform Demand Sage shows global crypto adoption fluctuating within a narrow band over the past two years, ranging from 10.3% in the first quarter of 2023 to 9.9% in the first quarter of 2025.
Duong suggested that this steadiness reflects a maturing market rather than stagnation.
A key catalyst for the next phase, he said, is regulatory clarity. In 2025, several major jurisdictions moved to formalize crypto oversight, reshaping how institutions evaluate risk and deploy capital.
— David Duong
(@DavidDuong) December 31, 2025
In the United States, lawmakers advanced stablecoin legislation through the GENIUS Act, providing a clearer framework for dollar-pegged tokens and payment use cases.
In Europe, the rollout of the Markets in Crypto-Assets regulation has brought greater consistency to licensing and compliance across member states.
“The practical consequence is real operational readiness,” Duong said, pointing to clearer policy guardrails that allow firms to build products, scale infrastructure and integrate crypto rails into payments and settlement systems.
Coinbase: Crypto Demand Broadens as Institutions and Macro Forces Take the Lead
Beyond regulation, Duong also pointed out a structural shift in demand.
Crypto markets are no longer driven by a single narrative or dominated by early adopters. Instead, a broader mix of institutions, allocators and end-users is shaping flows, tying crypto exposure to macroeconomic conditions, technological progress and geopolitical developments.
“Demand no longer hinges on a single story,” he said, adding that crypto is increasingly viewed through a long-term strategic lens as it becomes part of mainstream financial architecture.
Last month, Coinbase agreed to acquire The Clearing Company as it plans to scale prediction markets and advance its ambition of becoming an “Everything Exchange.”
Prior to this, Coinbase filed lawsuits against the US states of Michigan, Illinois, and Connecticut, escalating a growing legal fight over who has the authority to regulate prediction markets in the United States.
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