Coinbase is rolling out its decentralized-exchange (DEX) integration — branded “DeFi Mullet” — to users in Brazil, allowing access to over 10,000 Base-native tokens directly from the Coinbase app, the company announced on Nov. 19, 2025.
What Coinbase is launching in Brazil
- According to Coinbase, DEX trading will gradually go live in Brazil starting Nov. 19, enabling Brazilian users to trade a much broader universe of on-chain assets without leaving the Coinbase app.
- The “DeFi Mullet” concept reflects Coinbase’s design: the front-end is Coinbase’s familiar UI, while the “back” is powered by decentralized finance protocols on Base, Coinbase’s Ethereum layer-2 network.
- Trades will be routed via well-known DEXs like Aerodrome and Uniswap, using on-chain liquidity aggregators to find optimal pricing.
- Users will trade using a self-custody wallet built into Coinbase and won’t pay network fees, according to Coinbase.
- To protect users, Coinbase says it will block assets that are “confirmed malicious or fraudulent” by trusted third-party vendors.
Why this move is significant
- Exponentially expanded token access: Before this, Coinbase offered around 300 assets to many users, but with the DEX integration, that number can swell to tens of thousands (or potentially millions) as new tokens are minted on Base.
- Trust + decentralization: By combining Coinbase’s UI with DeFi liquidity under the hood, Coinbase aims to reduce the friction for users unfamiliar with decentralized protocols, while still providing self-custody.
- Regulatory alignment: The launch comes amid tighter rules from Brazil’s central bank, which has introduced licensing requirements and reporting obligations for crypto firms.
- Everything-app ambition: This step is part of Coinbase’s broader vision to build an “app to exchange everything,” allowing users to handle not just centralized tokens but DeFi-native assets, stablecoins, and more.
Risks and considerations
- Non-custodial risk: While trading is non-custodial, users must trust their self-custody wallet and understand the on-chain risk (smart contract risk, liquidity risk).
- Regulatory uncertainty: Brazil’s new rules could evolve, and self-custody wallets may face novel regulatory scrutiny under the country’s framework. Some of Coinbase’s features may be impacted by future regulation.
- Asset risk: Even with filtering for malicious tokens, not all tokens available on Base are risk-free; users may still trade speculative or low-liquidity assets.
What to watch next
- User adoption in Brazil: How many Coinbase users in Brazil adopt the DEX trading feature and start using it heavily.
- Expansion to other regions: Coinbase may roll out DeFi Mullet to additional markets beyond Brazil, leveraging its “everything app” goal.
- Network upgrades or new integrations: Coinbase could integrate other networks (e.g., Solana) in future.
- Regulatory developments in Brazil: New crypto rules, on-chain transaction reporting, or changes to licensing may affect how Coinbase’s DEX offering works locally.
Bottom line: Coinbase’s launch of its “DeFi Mullet” DEX trading feature in Brazil significantly broadens access to on-chain assets for Brazilian users — giving them a way to trade thousands of Base-native tokens through a familiar app interface, leveraging decentralized protocols without dealing with their complexity. This move reinforces Coinbase’s ambition to evolve into a one-stop “everything app,” while also navigating regulatory changes in a critical market.
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