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Coinized versions of major US equities trading on Coinbase’s Base network have blown past $1 billion in decentralized exchange volume in roughly their first month of existence.
The milestone, recorded as of September 19, represents an 830.5% month-over-month increase in trading volume.
How the tokenized stocks work
Coinbase launched its tokenized equities on August 24, starting with four of the most recognizable tickers in global finance: Nvidia (NVDAc), Apple (AAPLc), Alphabet (GOOGLc), and Meta (METAc). Each token is built using the B20 token standard and represents a 1:1 claim on the underlying share, which is held in regulated custody.
These tokens live natively on Base, Coinbase’s layer-2 network, and trade on decentralized exchanges rather than through a centralized order book. The product is currently restricted to eligible non-US users only.
The numbers behind the surge
Cumulative DEX volume on Base for these tokenized stocks hit approximately $228 million by the end of August. On September 12 alone, a single-day record of $100 million in trading volume was recorded. By September 19, the 30-day rolling volume had crossed the $1 billion threshold.
The liquidity picture is notably concentrated. Aerodrome, the leading DEX on Base, has captured somewhere between 76% and 96% of all tokenized stock trading volume during this period.
Price tracking has been tight, with the tokenized versions exhibiting only minor premiums and discounts relative to their real-world counterparts.
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