Coinbase Extends DeFi Mullet Access to Brazil as New Crypto Rules Take Shape

Highlights:

• Coinbase expands onchain trading in Brazil as new rules reshape access and raise oversight for digital asset activity.
• DeFi Mullet brings wider token access and offers a smooth path into decentralized trading for Brazil-based users.
• Coinbase has reported strong quarterly growth as shares fall during a volatile period in the crypto market.

Coinbase is extending its on-chain trading access to users in Brazil as the country prepares new oversight rules for the crypto sector. The update gives Brazilian users a direct path to tens of thousands of tokens inside the Coinbase app. The service uses Base and routes orders through decentralized venues such as Uniswap and Aerodrome. Users trade through an embedded self-custody wallet and avoid network fees on each transaction. Coinbase has not shared the exact launch date, but confirmed that expansion is already in progress.

🇧🇷ICYMI: Coinbase is expanding its “DeFi Mullet” integration to Brazil.

Enabling users to access 10,000+ Base tokens through a built-in DEX layer, all without leaving the Coinbase app. pic.twitter.com/lQK3XoO3m4

— The Crypto Times (@CryptoTimes_io) November 20, 2025

Brazil’s new rules bring stablecoins and some self-custody transfers under foreign-exchange supervision. The country is moving toward the Crypto-Asset Reporting Framework, which more than 70 nations support. Officials are also reviewing a plan to tax international crypto payments. These changes arrive as inflation concerns push more residents toward digital assets. Brazil boasts a population of 215 million people and demonstrates increased interest in on-chain access. The adoption rate is also high, with over 10% of the population owning digital assets.

Coinbase seeks to offer a wider trading experience in a single interface. The company would like to have users access more types of crypto services without moving platforms. This growth aligns with its strategy to serve international markets with more on-chain solutions.

Brazil Rollout of DeFi Mullet Aligns with Coinbase’s Push Toward Localized DeFi Access

The Brazil rollout of DeFi mullet anchors Coinbase’s shift toward direct on-chain engagement in regulated markets. DeFi Mullet launched in the United States on October 8 and now moves into a region with fast-growing demand for decentralized trading. The service brings a simple design that removes common barriers linked to DeFi tools. Users route trades to DEX liquidity without leaving the Coinbase interface.

Morpho launched Vaults V2, their new asset management stack aimed at bringing TradFi/Fintechs onchain.

In this convo @paulframbot and I cover:
– whats new in v2
– the state of the DeFi Mullet thesis
– why we think onchain lending will follow the growth trajectory of stables. pic.twitter.com/P4noETZiQo

— Jesse Walden (@jessewldn) October 8, 2025

Brazil continues to build a new regulatory structure that extends to all virtual asset service providers. The central bank requires firms to secure authorization before operating in the country. The new AML and CTF regulations address unlawful crypto transactions and increase compliance obligations. Self-custody wallets are also subject to new reporting requirements in the case of international transfers. The conditions define the approach of Coinbase since it balances the aspect of user control with regulatory requirements.

Coinbase’s Q3 Growth Continues as COIN Shares Fall

Coinbase also reported high growth during the third quarter as its stock experienced a sharp pullback. The net income was $432.6 million, a significant increase over the previous year. Revenue climbed 55% year over year to $1.9 billion as users increased activity across the platform. The company added 2,772 BTC to its treasury and now holds 14,548 BTC worth about $1.3 billion.

Our Q3 2025 financial results are now live. pic.twitter.com/FyukJgfDsj

— Coinbase 🛡️ (@coinbase) October 30, 2025

Base also saw increased use in trading, payments, lending, and social applications. Coinbase launched Flashblocks in the quarter to enable a 200-millisecond confirmation of blocks. These updates demonstrate sustained momentum within the wider ecosystem of the company. Despite these gains, COIN shares dropped 25.2% over the past month. The stock now trades near its level at the start of 2025.