Webull Pay, the commission-free stock trading app, announced on Friday that it will integrate cryptocurrency trading, custody, staking, and stablecoin USDC support through Coinbase’s Crypto-as-a-Service (CaaS) platform, starting in June 2025. The partnership marks another milestone for Coinbase’s institutional-as-a-service model, which enables fintech firms to offer digital asset services without building their own infrastructure.
What the Partnership Entails
Under the agreement, Coinbase will provide Webull Pay with institutional-grade custody solutions, advanced trading systems, access to its liquidity pools, and support for the USDC stablecoin. In addition, Webull Pay users will be able to stake certain cryptocurrencies directly through the platform. The terms of the deal were not disclosed, but Coinbase noted that its CaaS technology is already used by major financial institutions.
Stephen Yip, CEO of Webull Pay, said, “This collaboration unlocks powerful capabilities that will accelerate innovation on our platform, giving customers greater access, flexibility, and opportunity in the evolving crypto landscape.” Webull Pay, launched in 2023, has amassed over 20 million users globally, primarily attracted by its zero-commission stock trading model.
Strategic Implications and Market Context
This integration is the latest among several CaaS deals Coinbase has struck with fintech and neobroker firms. By leveraging Coinbase’s security protocols and liquidity, Webull Pay can offer a regulated crypto experience without the heavy capital and compliance burden of building its own exchange. The inclusion of USDC is particularly strategic—it allows users to trade with a stable, dollar-pegged asset, reducing volatility risk.
Both companies are also exploring international expansion, with potential plans to launch Webull Pay-branded crypto services in global markets, though no timeline has been provided. The move comes as demand for regulated digital asset services continues to grow among both retail and institutional investors, especially as regulators in the U.S. and elsewhere clarify frameworks for crypto.
Key Numbers and Outlook
Webull Pay’s user base of over 20 million gives Coinbase a significant distribution channel for its services. Coinbase remains the largest U.S.-based crypto exchange by trading volume. While the specific cryptocurrencies beyond USDC have not been announced, the partnership could eventually expand to include a wide range of tokens. Analysts view the deal as a validation of the CaaS model and a sign that traditional financial applications are increasingly embracing crypto as a user retention and acquisition tool.
Given the growing competition among brokers to offer crypto exposure, this partnership positions Webull Pay to compete with platforms like Robinhood and others that have integrated crypto trading. The staking feature also adds a yield-generating component that could attract longer-term holders. As the crypto market matures, more such “plug-and-play” partnerships are expected to emerge, further blurring the lines between traditional finance and digital assets.