Coinbase Crosses $1B in Tokenized Equities Volume on Base

Coinbase has reached a significant milestone on its Base network, achieving over $1 billion in decentralized exchange (DEX) volume for tokenized US equities in roughly one month.

This figure is impressive, but it's worth noting that the volume is strictly for non-US persons. The SEC's Innovation Exemption, issued on September 17, 2026, has paved the way for tokenized stocks to be traded onshore.

Coinbase's Base network uses a native, ERC-20-compatible format called B20, which is built on Rust precompiles and designed to handle compliance policies and pausable functions. The B20 standard was launched on August 24, 2026.

The momentum behind tokenized stock spot DEX volume on Base has surged approximately 830% month-over-month, with Aerodrome, the Base-native DEX, accounting for roughly 85% of that activity, or about $852.7 million.