Uniswap Dominates Coinbase's Tokenized US Stock Deposits on Base

Coinbase's tokenized US stocks on the Base network have seen significant adoption, but Uniswap dominates deposits. The platform holds $943,200 worth of these tokens, accounting for approximately 98.2% of all deposits. This lopsided picture leaves just $17,100 spread across other DeFi venues.

The tokenized stocks are available to eligible non-US users and can be traded around the clock. Each token is backed 1:1 by real underlying shares held by broker-custodian Alpaca within a bankruptcy-remote structure regulated by the Abu Dhabi Global Market.

Despite respectable day-one metrics, including approximately $4.5M minted and $10.8M in trading volume, it appears that many tokens are sitting idle in wallets rather than being deployed into DeFi protocols.