• Coinbase has launched Base Ledgers in early-access mode.
• This is infrastructure that lets enterprises create payment environments.
• Such products support confidentiality by default, while settlement takes place on the Base layer-two network.

The Base team, the layer-two network from the Coinbase exchange, has announced the launch of Base Ledgers. This is infrastructure that lets enterprises build their own payment products with a built-in privacy mechanism.

According to the description on the official website, Base Ledgers is an architecture for building payment environments for which the layer-two network acts as the settlement layer. At the same time, details regarding the balances and amounts of transaction participants are not disclosed.

Funds are transferred between the network and the environment via a single contract, using two actions — deposit and withdrawal. Only settlements take place on Base, while each enterprise's ledger remains independent of the exchange's off-chain system.

The operator independently oversees the compliance of a specific payment environment with regulatory requirements. According to the release, it is the operator that bears the obligations for carrying out KYC verification.

At the same time, when creating a Base Ledger, the operator can entrust ledger management to the Coinbase Managed service.

The exchange believes such environments can be used for a variety of scenarios, including:

• B2B payments;
• internal transactions, for example, salary payouts;
• treasury operations, transferring stablecoins between corporate accounts;
• issuance and settlement of a stablecoin;
• cross-border transfers;
• brokerage services.

Note that shortly before the feature's launch, the CEO of the Coinbase exchange hinted at the arrival of a new service, noting that it was tied to the acquisition of the Iron Fish project in March 2025.

This is a layer-one network with a built-in privacy mechanism. It uses zero-knowledge proofs (ZKP) to confirm the very fact that an operation succeeded without disclosing its details.

Wallets in Iron Fish have three keys — private, public, and a «viewing» key. The latter makes it possible to show the transaction history, balance, and other details to an auditor, for example, but does not grant the right to transfer funds.

The network also supports cross-chain transfers via the ChainPort bridge.

As a reminder, the exchange previously named confidentiality one of the key trends of 2026. Coinbase particularly highlighted demand for such solutions from institutional clients.

Source: Incrypted