Global financial inequality increasingly reflects disparities in access rather than income alone. Coinbase Institute, the research arm of crypto exchange Coinbase (Nasdaq: COIN), released a new policy paper on Jan. 19, 2026, focused on how to close the capital access gap through a policy framework for a tokenized financial future that brings markets onchain.

Chief Policy Officer Faryar Shirzad stated:

“The ultimate goal is clear: a world where anyone, regardless of their economic background, can easily convert spare earnings into fractional ownership of productive global assets.”

The paper examines how modern prosperity depends on both labor income and capital income, yet returns from asset ownership have outpaced wage growth for decades, creating a compounding divide. It argues that the most consequential fault line in the global economy is not simply between high earners and low earners, but between those who can access capital markets and those who cannot.

The research estimates that roughly 4 billion adults worldwide lack any exposure to equity or bond markets. Even in the United States, ownership remains heavily concentrated among higher-income households, while barriers such as high minimum investment thresholds, complex onboarding requirements, and layered fees restrict participation. The analysis shifts the financial inclusion debate toward the unbrokered, describing people who may have access to bank accounts but lack practical avenues to invest in diversified portfolios of productive assets.

Read more: 2026 Is the Year Coinbase Stops Being Crypto Exchange and Starts Acting Like Global Market Operator

The study presents tokenization on permissionless blockchains as a viable pathway to narrowing this capital chasm. By issuing equities, bonds, and funds as programmable tokens, markets could enable fractional ownership, lower entry points to incremental sums, and compress settlement timelines from days to near-instant execution. Shirzad explained that efficiency gains represent only part of the opportunity, as broader participation could distribute wealth creation across regions and income levels.

The paper describes a simplified investment experience where traditional frictions fade, noting:

“In this new landscape, the ability to invest should be as simple as sending a text message, empowering individuals to participate in the wealth creation that drives our global economy.”

Policymakers feature prominently in this vision, with recommendations supporting blockchain neutrality, clear tokenization pathways, bank participation, and recognition of self-custody to align innovation with consumer protection.

• What is the capital access gap identified by Coinbase Institute?
  It refers to billions of adults lacking meaningful access to equity and bond markets despite having income or bank accounts.
• How does tokenization aim to improve financial inclusion?
  Tokenization enables fractional ownership and lower investment minimums through programmable assets on blockchains.
• Why does the paper emphasize access over income inequality?
  Because capital income from asset ownership has outpaced wage growth for decades, compounding wealth disparities.
• What role do policymakers play in an onchain financial future?
  The paper urges clear tokenization rules, blockchain neutrality, and recognition of self-custody to protect consumers.

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