Coinbase tokenized stocks on Base hit $1.5B in 30-day DEX volume, up 313%
Tokenized stocks issued by Coinbase on Base traded $1.5 billion on decentralized exchanges over the past 30 days, a 313% jump from the previous 30-day period.
Data published on X by Token Terminal on Oct. 1 shows NVDAc led the volume with $290 million, followed by METAc at $257 million and GOOGLc at $203 million. Coinbase launched the product for non-US users on roughly Sept. 22, so the milestone lands within the offering’s first two weeks.
The tokens track major US equities and are backed by shares held in regulated custody outside the US. That structure keeps US users out of the market entirely, which is why the trading is happening on Base’s DEX platforms rather than on Coinbase’s main exchange.
The surge makes tokenized stocks one of the more active segments on Base’s decentralized venues, a market signal for Coinbase’s real-world-asset push on the chain it controls. Coinbase itself has not put out a statement on the volume figures; the numbers are the data provider’s, and the 30-day window shifts daily.
A caveat on scale: the tokenized stocks’ market cap was reportedly near $22 million around Sept. 25, days before the volume report. Market cap and trading volume measure different things, but the gap suggests turnover is running well ahead of the outstanding float, with heavy churn concentrated in a handful of tickers.
