“Project Diamond”

Project Diamond, developed by Coinbase Asset Management, is a new platform that allows institutions to issue and trade digital native versions of debt instruments using Base, an Ethereum scaling network. This platform integrates Coinbase Prime’s custody service, the exchange’s Web3 crypto wallet, Circle’s USDC stablecoin, and the layer-2 network Base to create a capital marketplace. The platform has received in-principle approval from the Financial Services Regulated Activity (FSRA) of Abu Dhabi Global Market (ADGM) and will enter the agency’s RegLab sandbox. It has already issued and distributed its first debt instrument, a short-term discount note denominated in USDC stablecoin, on Base as a demonstration to regulators in Abu Dhabi. The platform is available to registered institutional users outside the U.S. This release from Coinbase comes at a time when there is intense competition among global banks and crypto-native companies to bring more traditional financial assets such as bonds and credit onto blockchain rails.