Tokenized versions of major US equities trading on Coinbase's Base network have exceeded $1 billion in decentralized exchange volume approximately one month after launch. The milestone, recorded as of September 19, represents an 830.5% month-over-month increase in trading activity.
How Tokenized Stocks Work
Coinbase launched its tokenized equities on August 24, beginning with four major US stocks: Nvidia (NVDAc), Apple (AAPLc), Alphabet (GOOGLc), and Meta (METAc). Each token uses the B20 token standard and represents a 1:1 claim on the underlying share, held in regulated custody.
The tokens trade natively on Base, Coinbase's layer-2 network, through decentralized exchanges rather than centralized order books. The product is currently available only to eligible non-US users.
Trading Volume and Market Concentration
Cumulative DEX volume for these tokenized stocks reached approximately $228 million by the end of August. On September 12, a single-day record of $100 million in trading volume was recorded. By September 19, the 30-day rolling volume had crossed $1 billion.
Trading volume is heavily concentrated on Aerodrome, the leading DEX on Base, which has captured between 76% and 96% of all tokenized stock trading volume during this period.
Price tracking between tokenized and real-world shares has remained tight, with the tokenized versions showing only minor premiums and discounts relative to their underlying counterparts.
