Coinbase Set to Launch New ‘DeFi Mullet’ Trading Feature in Brazil
Coinbase’s ‘DeFi Mullet’ pushes into Brazil as crypto rules tighten
Coinbase is preparing to launch its “DeFi Mullet” trading feature in Brazil, giving local users access to tens of thousands of tokens directly inside the Coinbase app without needing to switch to external decentralized exchanges. The product is built on Coinbase’s Ethereum layer-2 network Base and is designed to hide much of the complexity of using DeFi. It first went live for US users on Oct. 8.
Through DeFi Mullet, users can route trades through popular DEXs such as Aerodrome and Uniswap while staying inside the familiar Coinbase interface. Those using a self-custody wallet will be able to keep full control of their assets and trade without paying network fees. Coinbase has not yet given an exact launch date for Brazil.
The expansion comes as Brazil rolls out stricter crypto oversight, treating some stablecoin payments and self-custody wallet transfers as foreign-exchange operations under banking-style rules. The country of around 215 million people is also considering taxing crypto used for cross-border payments and moving toward adopting the global Crypto-Asset Reporting Framework.
DeFi Mullet is a key part of Coinbase’s plan to become an “everything app” for its more than 100 million users, letting them trade almost any asset around the clock from anywhere. That strategy also includes pushing Circle’s USDC stablecoin, tokenized stocks, prediction markets, and early-stage token offerings.
Base has seen rising activity in trading, payments, lending, and social apps, and Coinbase recently launched Flashblocks, a preconfirmation tool targeting 200-millisecond block times. The firm is also building a sizable Bitcoin treasury, now holding 14,548 BTC worth about $1.3 billion after adding 2,772 BTC in the third quarter.
Coinbase’s business performance has improved sharply, with Q3 net income jumping to $432.6 million and revenue climbing 55% year-over-year to $1.9 billion. Yet COIN shares are down 25.2% over the last month to $257.29, roughly flat for 2025, while other crypto stocks like MARA Holdings and Strategy have fallen even more.
