According to the source, Coinbase’s on-chain lending has reached $1 billion and management is now targeting $100 billion with “hockey-stick” growth. Source: Brian Armstrong, Coinbase CEO, public statement on Sep 30, 2025. For trading, the $100 billion target signals an aggressive scale-up in on-chain financing that traders should watch for in COIN’s revenue mix and upcoming disclosures. Source: Brian Armstrong, public statement on Sep 30, 2025. Crypto market participants can track utilization and lending rates tied to Coinbase’s on-chain financing as indicators of institutional demand that could influence liquidity conditions. Source: Brian Armstrong, public statement on Sep 30, 2025.