Coinbase’s tokenized stock experiment just got its first real stress test, and the results are hard to ignore. Within four days of launching on the Base layer-2 blockchain, tokenized versions of major tech stocks racked up $124.8 million in decentralized exchange trading volume.
What Coinbase actually built
On August 24, Coinbase introduced tokenized representations of four blue-chip tech stocks on Base: NVDAc (NVIDIA), GOOGLc (Alphabet), AAPLc (Apple), and METAc (Meta). Each token is backed 1:1 by real shares held in bankruptcy-remote custody through Alpaca, a brokerage infrastructure provider regulated by Abu Dhabi Global Market’s financial authority.
The tokens use a new B20 standard, which maintains ERC-20 compatibility while enabling seamless DeFi integration. Chainlink oracles handle the pricing feeds, connecting real-world stock prices to on-chain activity.
Day one saw roughly $4.55 million in tokens minted, about $3 million in DEX liquidity deployed, and $10.8 million in 24-hour trading volume. The supply of tokenized equities on Base then quadrupled to somewhere between $17 million and $21 million within days. Most of that activity flowed through Aerodrome pools, the dominant DEX venue on Base.
