Coinbase research chief issues 2026 outlook, credits policy shift for 2025 growth

On December 31, 2025, Coinbase research head David Duong released the 2026 Crypto Market Outlook, attributing 2025 progress to clearer regulation and growing institutional build‑out. The report expects stablecoins and tokenized collateral to take bigger roles in 2026. Policy chief Faryar Shirzad warned that banning rewards on US stablecoins could cede ground to China as interest on the digital yuan starts January 1, 2026.