Coinbase Tokenized Stocks Surpass $1B in Volume on Base
Coinbase has hit a significant milestone on its Base network, recording over $1 billion in decentralized exchange (DEX) volume for its tokenized US equities in roughly one month. This achievement is particularly notable given that it's vendor-sourced data from the Base team itself.
The momentum behind Coinbase's tokenized stock spot DEX volume 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.
Coinbase is betting on a different architecture than its competitors: direct 1:1 share ownership. By utilizing Alpaca Securities as a regulated broker-custodian under the Abu Dhabi Global Market (ADGM) framework, Coinbase allows token holders to retain actual shareholder rights, including dividends and voting, subject to eligibility.
The SEC's Innovation Exemption, issued on September 17, 2026, provides a five-year conditional relief for tokenized NMS stocks. This exemption is the key that unlocks the US market, provided tokenized stocks offer the same rights as traditional securities and trading venues operate under permissioned access with OFAC compliance.