Coinbase is expanding its decentralized exchange trading platform, called “DeFi Mullet,” to Brazil. This expansion will provide Brazilian users with access to tens of thousands of tokens without the need to leave the Coinbase application.
DeFi Mullet, powered by Coinbase’s Ethereum layer 2 solution Base, was initially launched in the United States on October 8. The platform is designed to simplify the complexities associated with using decentralized finance protocols.
Coinbase stated on Wednesday, "Using our DEX integration, users can trade on popular DEXs, like Aerodrome and Uniswap, without leaving the familiar ease of the Coinbase interface."
Users have the ability to trade without incurring network fees by utilizing a self-custody wallet, which allows them to maintain full control over their tokens. Coinbase has not yet specified the official rollout date for the DeFi feature in Brazil.
This strategic move by Coinbase occurs amidst new cryptocurrency regulations being implemented in Brazil. These regulations bring crypto companies under a banking-style oversight framework. They also classify stablecoin transactions and certain self-custody wallet transfers as foreign-exchange operations.
Brazil, with a population of 215 million, is reportedly considering a tax on cryptocurrency for international payments. This consideration is part of the country's move to adopt the Crypto-Asset Reporting Framework, a standard committed to by over 70 nations.
DeFi Mullet Aligns with Coinbase’s “Everything App” Vision
DeFi Mullet is a key component of Coinbase's overarching vision to develop an “everything app.” This initiative aims to empower its user base of over 100 million individuals, enabling them to trade a wide array of assets from any location globally, with continuous 24/7 access.
A significant aspect of this vision involves promoting the adoption of stablecoins, including Circle’s USDC. The plan also encompasses the integration of tokenized stocks, prediction markets, and early-stage token sales within the platform.
Coinbase reported a notable increase in the adoption of its layer 2 solution, Base, during the third quarter. This growth was observed across various applications, including trading, payments, lending, and social platforms. Additionally, Base launched Flashblocks, a feature designed for transaction preconfirmation that enables block times of 200 milliseconds.
Coinbase has also demonstrated a commitment to building a Bitcoin treasury. In the third quarter, the company added 2,772 BTC to its holdings, bringing the total to 14,548 BTC, which is currently valued at $1.3 billion.
The company's financial performance showed significant improvement in the third quarter. Coinbase's net income increased more than fivefold year-over-year, reaching $432.6 million. Total revenue for the quarter rose to $1.9 billion, marking a 55% increase compared to the same period in the previous year.
Coinbase Shares Show Resilience in 2025 Market
Despite the positive operational developments, Coinbase (COIN) shares have experienced a decline, reflecting a broader market correction. Over the past month, the stock has fallen by 25.2% to $257.29.
Currently, COIN is trading at a price point very close to where it began in 2025. In comparison, other publicly traded crypto-related companies, such as MARA Holdings and MicroStrategy (MSTR), have seen more substantial drops, down 33.8% and 35.6% respectively over the same timeframe.