Tokenized US stocks on Base have crossed $5 billion in cumulative decentralized exchange volume, marking a rapid rise from near-zero trading after Coinbase launched the tokens in August 2026.
The tokens are 1:1 backed representations of actual US shares and trade around the clock. Coinbase built Base as its Ethereum layer-2 network.
Growth from near zero
Coinbase launched its tokenized US equities on Base on August 24, 2026. In the first days, trading volume sat near zero.
By late October, daily trading regularly topped $100 million. Cumulative DEX volume reached $4.52 billion by November 5, 2026, and the pace picked up further in early November.
On November 6, 2026, tokenized stock trading set a single-day record of $150 million. A November weekend also brought in $170 million, a notable figure for days when traditional stock exchanges are closed.
Aerodrome dominates trading
Aerodrome has captured between 76% and 98% of tokenized stock trading volume on Base since launch, making the decentralized exchange the main venue for these assets.
How the tokens work
Each token tracks a single US company. Examples include NVDAc for Nvidia and AAPLc for Apple, where the lowercase “c” signals the Coinbase-issued version.
- The tokens are issued under Coinbase’s B20 token standard.
- Every token is backed 1:1 by a real share held through Alpaca, a regulated custodian.
- Pricing comes from Chainlink oracles, which pipe real-world prices onto the blockchain for smart contracts.
- Access is limited to eligible non-US users.
DeFi use and dependencies
Once on-chain, the tokens plug directly into DeFi protocols on Base. Holders can trade them, lend them, or post them as collateral. Trading also runs 24/7, unlike Wall Street, which closes at 4 p.m. Eastern and takes weekends off.
The structure relies on several parties working as intended: Alpaca must hold the underlying shares, Chainlink must deliver accurate prices, and the B20 standard must function across protocols. Restricting access to eligible non-US users keeps the product outside the reach of US retail buyers for now.
