Jesse Pollak, creator and head of Coinbase's Base network, outlined a vision for the next major wave in crypto during a speech at Token2049 in Singapore on October 7, 2026. Rather than focusing on new memecoins, Pollak predicted a tokenization supercycle centered on two parallel developments: tokenized equities and non-dollar stablecoins.
Pollak's reasoning centers on the reality that countries will continue using their own currencies. As blockchain-based economies develop, they will need on-chain money that matches local payment needs alongside digital representations of traditional assets.
Tokenized Equities on Base
Base already offers tokenized US stocks to its users, backing Pollak's prediction with actual product. In August 2026, Coinbase introduced 1:1-backed tokenized equities on Base, with an initial lineup including Nvidia, Meta, Apple, and Google. The 1:1-backed designation means each token corresponds to an actual underlying share rather than a synthetic price bet.
These tokens trade 24/7 on blockchain infrastructure, unlike traditional stock markets limited to business hours. Base handles corporate actions through on-chain multipliers and Chainlink oracles instead of physically transferring shares. When a stock split occurs, the system updates a multiplier that adjusts how much underlying stock each token represents.
As of early October 2026, daily spot trading volume for tokenized equities on Base reportedly exceeded $100 million, with market share described as increasing.
Lending and Portfolio Collateral
Pollak identified lending as the next development phase. The concept involves portfolio-backed borrowing, where users deposit tokenized equity holdings as collateral and borrow stablecoins against them. The targeted loan-to-value ratio ranges from 30-40%, allowing users to borrow approximately one-third of their portfolio value.
Strategic Shift for Base
The move represents a pivot for Base, Coinbase's Ethereum Layer-2 network. Base was originally focused on consumer applications and social features but is now prioritizing financial infrastructure. This positions Base in direct competition with other platforms pursuing tokenized assets, including Robinhood and Kraken.
Market Implications
Tokenized equities are transitioning from pilot programs to functional products. The reported $100 million-plus in daily trading volume indicates demand beyond early adopters. The 1:1 backing model appears crucial for institutional adoption, as larger players prioritize tokens backed by actual shares they can audit.
Several technical considerations remain. Oracles that feed external data onto blockchains introduce dependencies on external systems. Lending against volatile equities carries liquidation risk, likely explaining the modest targeted loan-to-value range.
