Coinbase 2026 Outlook: DAT and Token Economy to Enter 2.0 Mode, Predicts Further Expansion in Market Trading Volume

Coinbase investment research director David Duong stated in Coinbase's '2026 Market Outlook Report' that the U.S. economy remains resilient, with increasing labor productivity buffering the impact of economic growth slowdown. Coinbase believes that the cryptocurrency market in the first half of 2026 will resemble 1996 more than 1999 (indicating optimism for next year), but also acknowledges significant market uncertainties. A clearer global framework will continue to change institutions' practices in strategy, risk, and compliance in 2026. DAT expanded its buyer base in 2025, but recent valuation-driven consolidation has occurred. It is expected that a DAT 2.0 model will emerge in 2026, focusing on professional trading, storage, and procurement in the sovereign block space, viewing block space as a key commodity in the digital economy. With policy clarity, token holders' economic interests will be linked to platform usage, and protocols are evolving towards value acquisition mechanisms such as fee sharing, repurchase, and buyback and burn. Coinbase sees this as a shift from purely narrative testing modes to enduring, revenue-linked models. Technologies like Zero-Knowledge Proofs (ZKP) and Fully Homomorphic Encryption (FHE) are expected to continue developing, with increased use of on-chain privacy as crypto infrastructure widens. Market trading volume is predicted to further expand in 2026, as changes in U.S. tax policies may drive users towards derivative-based markets. While market fragmentation may pose risks, Coinbase believes that predictive market aggregators are likely to become dominant interface layers, with weekly trading volumes potentially reaching billions of dollars. By the end of 2028, the total market value of stablecoins is expected to reach around $1.2 trillion. More new applications are expected to emerge in areas such as cross-border transaction settlement, remittances, and payroll platforms.

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