• Base App opens for everyone.

• Coinbase Custom Stablecoins.

• Future of Ethereum’s state.

• Fed withdraws 2023 policy.

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During the Coinbase System Update livestream, Coinbase launched the Base App for all users, providing global access to its social-focused onchain app. Now available in over 140 countries, the app integrates a non-custodial wallet with secure XMTP messaging and an onchain discovery feed powered by the Farcaster social graph. The launch opens the app to over 1.5 million users who had been on the waitlist. Coinbase is hosting a holiday rewards program that offers up to $2 million in incentives for successful Base App referrals. The program concludes on December 2nd.

Coinbase launched Custom Stablecoins, a new service that enables companies to issue their own branded stablecoins. The custom stablecoins are backed 1:1 by a flexible mix of USD-pegged stablecoins, primarily USDC, rather than direct fiat cash holdings. Collateral is custodied through Coinbase's infrastructure. The Custom Stablecoins launch was part of several major announcements, including U.S. stock trading, prediction markets through a Kalshi integration, perpetual futures trading, and tokenization tools for real-world assets, aimed at establishing Coinbase as an everything exchange. 

The Ethereum Foundation’s Stateless Consensus team outlined the challenges of "state bloat," where the ever-expanding record of transactions demands higher requirements for node operators. While statelessness allows validators to verify blocks without storing the full state, it shifts data history to a small group of actors. The team proposes three paths: State Expiry to remove inactive data, State Archive to separate "hot" and "cold" data for stable performance, and Partial Statelessness to let nodes store only specific subsets of the state. The team is currently prioritizing low-risk initiatives like archive development, RPC infrastructure enhancements, and collaborative stress-testing.

The Federal Reserve has withdrawn a 2023 policy that restricted state member banks to the same activities as national banks, a rule that previously limited the ability of uninsured banks to engage in activities like crypto. According to Eleanor Terrett, the old policy effectively blocked uninsured banks from becoming Fed members and engaging in crypto. Citing the need to evolve with modern banking, the Board issued a new policy that creates a clear path for both insured and uninsured state member banks to pursue responsible innovation.

• Wonderland is hiring engineers

• ETHGas raises $12m seed

• Privacy Poools live on Arbitrum

• Coinbase product announcements

• Vitalik on network states

• Sophia Gold leaves EF

• Deep funding feedback requested

• Polygon experiences chain issues

• Polygon

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