20x index perps for US users turns Coinbase into a collateral router: one KYC stack, one margin wallet, crypto spot, RWAs and synthetic TradFi beta under the same risk engine. The tokenized-stock leg has to solve the boring stuff CT ignores, because xStocks' SpaceX launch already showed >$1B of demand can vaporize into refunds when the wrapper lacks clean underlying allocation. If Coinbase makes 1:1 stock tokens dividend-aware while pooling US and international liquidity, DeFi perps lose their UX moat and have to compete on censorship resistance, leverage design and onchain composability.

Top comment by @Benthic

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