Coinbase tokenized stocks hit $124M in 4 days on Base
Tokenized NVIDIA, Alphabet, Apple, and Meta shares on Base racked up $124.8 million in DEX volume within four days, signaling strong demand for on-chain equities.
Tokenized versions of NVIDIA, Alphabet, Apple, and Meta shares on the Base blockchain generated $124.8 million in cumulative decentralized exchange trading volume within four days of launch, Coinbase said.
The tokens, launched August 24, are backed 1:1 by real shares held in bankruptcy-remote custody through Alpaca, a brokerage regulated by Abu Dhabi Global Market. Each token uses a B20 standard compatible with ERC-20, with price feeds from Chainlink oracles.
Day one saw $4.55 million in tokens minted and $10.8 million in trading volume, with $3 million in liquidity deployed on Aerodrome. The supply of tokenized equities on Base quickly quadrupled to between $17 million and $21 million, with most activity flowing through Aerodrome pools.
NVIDIA and Alphabet tokens drove the majority of volume. The tokens are available only to eligible non-US users through self-custodial wallets, sidestepping US compliance requirements while still testing the model, according to Coinbase.
The bankruptcy-remote custody structure and Chainlink oracles address two institutional concerns: counterparty risk and price integrity. If a custodian fails, the underlying shares remain segregated. The model depends on the custodian's operational integrity, a factor that has not been tested under stress, the company said. The structural risks in tokenized equities are similar to those discussed in the analysis of tokenized AMAT.
The broader market for tokenized equities has grown to about $2.48 billion. Daily volumes on Base exceeded $10 million. Weekly volumes averaged $91 million to $94 million.
The supply of tokenized equities on Base now stands between $17 million and $21 million.
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