Coinbase is expanding its decentralized finance (DeFi) offerings to Brazil with the rollout of its new "DeFi Mullet" feature within the Coinbase app. This marks the first major expansion of the feature beyond the United States, where it was initially launched in August 2025. The move aims to provide Brazilian users with easier access to a wider range of tokens and DeFi opportunities.
The "DeFi Mullet" is described as an intuitive and familiar front-end interface combined with a decentralized back-end that connects to popular DEXs like Uniswap and Aerodrome. This approach allows users to access the benefits of DeFi, such as a more cost-effective infrastructure and transparent access to various opportunities, without navigating the complexities of blockchain technology. Coinbase is essentially abstracting away the complexities of DeFi, making it accessible to everyday users.
Coinbase CEO Brian Armstrong announced the rollout on November 19, 2025, stating that U.S. customers have been enjoying the product and that "onchain trading is getting more and more accessible". The expansion to Brazil aligns with Coinbase's global strategy to broaden its reach and deepen its engagement in key international markets. Brazil is considered one of Coinbase's most important international markets, with a growing user base comfortable with on-chain payments, stablecoins, and tokenized assets.
The "DeFi Mullet" offers several key features. Users can trade over 10,000 tokens without leaving the Coinbase app. Trades are executed through a built-in self-custody wallet, giving users control of their keys. Coinbase emphasized that users will not pay network fees when using the DEX feature, removing a common obstacle for smaller trades and first-time DeFi users. The platform also automatically blocks assets identified as malicious or fraudulent by a trusted third-party provider.
This expansion comes shortly after Brazil's central bank published new rules for crypto service providers, requiring them to obtain official authorization and comply with traditional financial sector standards. Brazil's regulatory framework necessitates crypto firms to establish local entities, positioning the market as a global DeFi compliance test case. Coinbase is positioning Brazil as a full DeFi access point, deepening user engagement and tying its brand to on-chain activity.
Analysts suggest that the success of this model could influence other emerging markets where regulators are seeking to harmonize innovation with oversight. Coinbase plans to extend DEX trading to additional networks beyond Base, starting with Solana, and expects a broader international rollout, solidifying its position as a global hub for on-chain liquidity and self-custody access.
