Coinbase to Bring Private Stablecoin Transfers to Base

Coinbase to Bring Private Stablecoin Transfers to Base Network

Written by Aaron S.,

Editor-In-Chief

Last Updated: October 22, 2025

Key Takeaways

Coinbase is working to enable private stablecoin transfers on its Base network, following the acquisition of crypto privacy platform Iron Fish;
Iron Fish allows transaction data to stay hidden while offering "view keys" that let users share limited access with authorities if required;
Armstrong has not yet confirmed if identity checks like KYC will be needed for using the new features.

Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁

BITDEGREE IN YOUR SOCIAL FEED

Coinbase $2.64B has announced plans to add private transaction features to its Base network, according to CEO Brian Armstrong.

In an October 21 post on X, he explained that the company is working toward enabling confidential stablecoin transfers on its Ethereum ETH $3,752.47 layer-2 platform.

This development follows Coinbase’s acquisition of Iron Fish, a crypto privacy company.

What are dApps in Crypto? (Explained with Animations)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

While many people asked whether this feature would require identity checks such as Know Your Customer (KYC) verification, Armstrong did not respond to those questions.

Iron Fish’s current setup allows for transaction data to remain hidden, but it also gives users the option to share limited information with authorities when required.

This is done through "view keys", which can provide read-only access to specific account details. These keys are created when a user opens an Iron Fish account.

Iron Fish uses a technique called zero-knowledge proofs. This allows someone to prove a fact about a transaction, such as that it followed certain rules, without showing all of the underlying information.

The Iron Fish system also connects to other blockchains using a tool called ChainPort. This bridge adds real-time security checks to stop suspicious or illegal funds from entering the network.

Currently, Iron Fish supports privacy options on more than 20 networks, including Base. Through ChainPort, users can also access a private version of wrapped USDC USDC $1.00 on Base.

Recently, Coinbase spent $25 million to buy and destroy a non-fungible token (NFT) linked to the return of a crypto podcast, UpOnly. What did Jordan Fish, one of the original hosts, say? Read the full story.