B20 Tokens Trade Over Weekend, Revealing Illiquidity When Wall Street Is Closed
Coinbase's new stock tokens on Base have been trading over the weekend, revealing that markets become illiquid when Wall Street goes offline. The B20 tokenization structure allows users to buy and sell exposure to Apple (AAPLc), Alphabet (GOOGLc), Meta (METAc), and Nvidia (NVDAc) shares, even when the underlying equity market is closed.
The tokens are designed for eligible users outside the United States and differ from ordinary US-listed shares. Coinbase describes continuous secondary transferability, while Base presents the assets as building blocks for decentralized finance. A prominent borrowing example on Aave uses tokenized Nvidia exposure as collateral, raising a clear risk question when the token continues trading and the underlying equity market is closed.
A review of the official Aave V3 Base address book found no reserve for any of the four tokens. Despite this, secondary-market prices were observable, while Aave lending behavior had no verified live B20 market to measure. Traders chose prices close to the held equity references on Friday, keeping the first measured dislocation contained.