Tokenized stocks on Base reach $21M in market cap as Coinbase’s equities experiment gains traction

Tokenized stocks living on Coinbase’s Base network have surged from roughly $5 million to $20.7 million in market cap, a roughly fourfold increase.

The growth comes just days after Coinbase launched its B20 token standard on August 24, introducing fractional, tokenized claims on some of the world’s most recognizable companies. Think Nvidia, Apple, Meta, and Alphabet, all trading around the clock on a blockchain instead of waiting for the NYSE to open.

How the launch unfolded

Coinbase minted approximately $4.55 million worth of tokens on day one. By August 25, total supply of tokenized equities on Base had already reached $16.5 million, with 24-hour decentralized exchange volume hitting $22.6 million.

That volume figure is notable. DEX trading exceeded the total supply of issued tokens, meaning these assets were changing hands rapidly. Liquid pool resources stood at $5.8 million at that point. Subsequent trading volume surpassed $10.8 million after the initial launch-day surge.

The tokens are available exclusively to non-US users operating self-custody wallets.

The plumbing behind the tokens

Each tokenized stock is backed 1:1 by actual shares held in custody. The backing arrangement runs through Alpaca, structured as a bankruptcy-remote entity supervised by the Abu Dhabi Global Market.

Chainlink provides price feeds for these tokens on a 24/5 basis, adjusted for dividends. The tokens themselves can trade continuously, but the reference prices from Chainlink update during traditional market hours and weekdays.

On the DeFi integration side, the tokens are already plugged into several major protocols. Aerodrome handles liquidity provision on Base, while lending platforms Aave, Morpho, and Euler are set up to accept these tokenized stocks as collateral.

Where this fits in the bigger picture

The broader tokenized equities market currently sits at approximately $2.48 to $2.49 billion, a figure that has grown nearly 5% over the past 30 days. Coinbase’s $20.7 million contribution represents less than 1% of that total.

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