TL;DR: Coinbase is launching a second Stablecoin Bootstrap Fund, designed to deepen stablecoin liquidity in DeFi capital markets, managed by Coinbase Asset Management (CBAM). We’re kicking off with placements on protocols including Aave, Morpho, Kamino, and Jupiter. Developers interested in accessing Bootstrap Fund liquidity can reach out to us here.
In 2019, after helping launch USDC, Coinbase introduced a Bootstrap Fund[1] to help DeFi developers establish liquid marketplaces from day one. The fund helped seed onchain liquidity for USDC across a variety of blue-chip DeFi protocols, such as Uniswap, Compound, and dYdX, helping drive robust liquidity in the early innings of DeFi.
From this stepping stone, USDC has become the leading stablecoin in DeFi with an estimated $8.9 billion in Total Value Locked (TVL)1 and $2.7 trillion in annual onchain volume2. Today, USDC powers ecosystems across Ethereum, Base, Solana, Hyperliquid, Sui, Aptos, and more. Coinbase is committed to accelerating further stablecoin adoption.
Today, Coinbase is funding a second Stablecoin Bootstrap Fund, facilitated by Coinbase Asset Management (CBAM). Our goal is to ensure deeper liquidity for stablecoins across the onchain ecosystem, enabling users to access reliable rates across mature and emerging protocols.
We’re executing our first placements on Aave, Morpho, Kamino, and Jupiter to enhance stablecoin liquidity within their ecosystems.
As we scale the fund over time and distribute liquidity across more protocols and stablecoins, we’re particularly eager to collaborate with pre-launch teams or those seeking to drive stablecoin growth from day one.
We believe the future of finance is onchain, and we’re excited to lead the way by putting Coinbase’s own resources to work. The Stablecoin Bootstrap Fund is another effort that reflects our commitment to fostering a thriving onchain ecosystem.
If you’re building a project or protocol looking for onchain liquidity, get in touch with us here.
DISCLOSURES
[1]Not a fund, pooled investment vehicle, or investment company as defined by the Investment Company Act of 1940. Product is provided by Coinbase Global Inc., and is not offered by Coinbase Asset Management. The term "Coinbase Stablecoin Bootstrap Fund" and all references to the word "fund" are used exclusively as a name for a DeFi liquidity program.
FOOTNOTES
1As of 7/31/25, according to Artemis Analytics.
2 TTM, Aug 2024 - July 2025, according to Allium.
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