Tokenized stocks on Coinbase’s Base network now trade about $70 million to $100 million a day, just six weeks after launch. Base creator Jesse Pollak says equities, followed by non-dollar stablecoins, will lead what he calls the coming “tokenization supercycle.”
Key Takeaways
- Tokenized stocks on Base trade roughly $70 million to $100 million a day, per Pollak.
- Coinbase lists about 50 stocks and expects around 250 by the end of October.
- Base already supports 32 stablecoins across 21 currencies.
- Pollak expects portfolio-backed lending against tokenized shares to come next.
- The volume data comes from the operator and has not been independently verified.
What did Jesse Pollak say about tokenized stocks?
Pollak spoke to The Block at Token2049 in Singapore. “It’s equities. U.S. and global equities. We already did dollars,” he said.
In addition, he argued that tokenized shares offer “a clearly better experience” than traditional trading. In his words, “They’re 24/7, they’re instantly sellable, you can send them to anyone.” Coinbase launched the product about six weeks ago with 1:1-backed tokens for large US names. It now lists around 50 stocks and targets about 250 by the end of the month.
How do tokenized stocks work?
A tokenized stock is a blockchain token that tracks a real share. In Coinbase’s model, each token is backed one-to-one by the underlying stock, held by a custodian.
Because the token lives on a blockchain, it can also move like any other crypto asset. As a result, users can trade outside normal market hours, send tokens to other wallets or, in time, use them in DeFi apps. Robinhood and asset managers are building similar products, as we covered in our report on Robinhood’s tokenized ETF stock token.
Are tokenized stocks the same as owning shares?
Not always. In fact, depending on the issuer, holders may not get voting rights or a direct claim on the company. Instead, they rely on the custodian that holds the real shares. Therefore, reading the issuer’s terms matters as much as the price.
Why are non-dollar stablecoins the second trend?
Pollak’s other bet, however, is less obvious. Almost all stablecoins today track the US dollar. That means a user in Brazil or Indonesia who holds stablecoins is also making a currency bet.
“People are really sleeping on non-dollar currencies,” Pollak said. Base already offers 32 stablecoins in 21 currencies, including the euro, the Canadian dollar, the Nigerian naira and the Indonesian rupiah. Our stablecoins guide explains how these tokens hold their peg.
What could hold the tokenization trend back?
There are three clear risks.
First, the numbers are early. A six-week-old product has not yet been through a quiet month or a sharp sell-off in stocks. Moreover, the $70 million to $100 million figure comes from the operator, not from an audit.
Second, regulation is still taking shape. For example, in the US the SEC and CFTC are both writing rules for tokenized assets and crypto markets. Our coverage of the CFTC’s crypto rule plans shows how fast that debate is moving.
Third, access is uneven. Many tokenized stock products are not open to US retail users or to people in some countries. Liquidity can also be thin outside market hours, which can widen spreads.
What does it mean for crypto markets?
For Ethereum’s layer-2 networks, tokenized stocks are a new source of fees and activity. In fact, Pollak also expects lending to follow. Users would post tokenized shares as collateral and borrow stablecoins against them, much like a margin account at a broker. If that works, the same shares could earn yield and back loans at once, which traditional markets cannot easily match. Base is shifting from social apps toward financial plumbing, with trading, payments and financing as its 2027 focus.
Similarly, for traditional finance the message is just as clear. If tokenized shares keep trading $100 million a day, more brokers and exchanges will follow. Standard Chartered’s move into crypto custody in Singapore shows that big banks are already preparing.
Overall, the key test comes in the next few months. After all, early volume in new crypto products often spikes and then settles at a lower level. Consistent daily trading, rather than one strong month, would show real demand for tokenized stocks. Watch whether tokenized stocks on Base hold their volume through a calmer market, and whether non-dollar stablecoin supply really grows.
Disclaimer: This article is for information only and is not financial advice. Tokenized assets carry custody, legal and liquidity risks. Always do your own research (DYOR) before investing.
