Coinbase Diamond Project: new blockchain debt instruments

Coinbase Asset Management launches Project Diamond, a platform for institutional investors to issue and exchange blockchain-based digital debt instruments.

Developed by Coinbase Asset Management and using its Ethereum scaling network, Base, Project Diamond integrates several vital components. These include the Coinbase Prime custody service, the exchange’s web3 crypto wallet, Circle’s USDC stablecoin, and the Base layer 2 network. Together, these elements forge a capital market that operates entirely on blockchain.

Having obtained in-principle approval from the Abu Dhabi Global Market Financial Services Regulated Activity, Project Diamond has already moved forward with the issuance and distribution of its first debt instrument. This initial offering, a short-term discount note denominated in USDC stablecoin, was executed on Base, showcasing the platform’s capabilities to Abu Dhabi regulators.

Project Diamond is currently accessible to registered institutional users outside of the United States. This launch comes amid intense competition to integrate traditional financial assets such as bonds and credit into blockchain systems. This process, known as real-world asset (RWA) tokenization, is believed to improve settlement speed, reduce operating costs, and increase transparency.

By 2030, the tokenized RWA market is expected to reach $10 trillion, according to asset management company Project Diamond distinguishes itself by creating digitally native assets directly on the blockchain, a significant evolution from simply creating tokenized versions of existing instruments.

Shaun Martinak, head of infrastructure development at Coinbase Asset Management, emphasizes the advantage of this approach and highlights the efficiency of creating and maturing fully on-chain assets. Coinbase aims to close the gap in global assets that are currently not represented in blockchain infrastructure, which represents less than 0.25%.

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