Base tokenized stocks achieved a significant milestone by reaching $100 million in daily decentralized exchange volume on September 12, 2026, setting a new network record according to reports from Token Terminal. The platform reported $730.9 million in total tokenized-stock trading volume over the preceding 30 days, demonstrating substantial growth in the tokenized securities market. This represents a dramatic increase from zero to $100 million daily volume, as noted by Base founder Jesse Pollak. The network hadn't touched this $100 million daily volume level in 26 days, marking a remarkable acceleration in trading activity. The surge in volume reflects growing trader interest in tokenized assets and indicates a robust trading environment for decentralized stock trading solutions.
Coinbase's SPCXc tokenized SpaceX stock generated $6.6 million in daily DEX volume on September 12, 2026, demonstrating strong market demand for tokenized versions of recently public companies. The SPCXc token is one of ten tokenized equities Coinbase now offers on Base, and it's quickly become one of the more actively traded assets in a category that barely existed a few months ago. By September 11, 2026, SPCXc had accumulated around $1.11 million in total supply with approximately 3,400 holders. The token launched on September 4, 2026, as part of a second wave that brought six new tokenized stocks to Base, following Coinbase's initial debut of four tokenized equities on August 24, 2026.
Aerodrome emerged as the dominant platform in the tokenized stock market, processing $557.1 million in volume during the 30-day period, representing 76% of the total market share. The platform's dominance has intensified since launch, with Aerodrome capturing more than 77% of all tokenized stock trading volume since the product category's introduction on Base. Uniswap v4 ranked second with $139.3 million in trading volume, accounting for approximately 19% of the market. The two exchanges combined generated $696.4 million in total volume, representing more than 95% of the recorded trading activity on Base. This strong performance indicates a healthy trading ecosystem with notable spike in volume that could influence upcoming market trends.
Coinbase launched its first four tokenized stock products on August 24, 2026, referencing major technology companies including Apple, Nvidia, Alphabet, and Meta through the AAPLc, NVDAc, GOOGLc, and METAc tickers. The exchange later expanded to include tokens for Amazon, Microsoft, Tesla, SpaceX, SanDisk, and MasterCard on September 4, 2026, bringing the total to ten products as reported by Coinbase. Each token follows the B20 standard and is backed one-for-one by underlying shares held through Alpaca, a U.S. brokerage infrastructure provider, with availability subject to location and eligibility rules. The initial offering is structured under Regulation S, which means US persons are excluded from participation for now.
Coinbase CEO Brian Armstrong has described the approach as "true ownership," where token holders possess actual equity in the companies represented on the blockchain. Each tokenized stock represents a 1:1 claim on an actual share of the underlying company, held in regulated custody by Alpaca under oversight from the Abu Dhabi Global Market. The tokens are built on Coinbase's proprietary B20 standard, which enables compatibility with DeFi protocols. Users can already interact with these assets through platforms like Aave and Morpho, meaning tokenized Apple shares could theoretically serve as collateral for on-chain loans. Dividends are distributed automatically to holders, improving capital efficiency of on-chain markets and allowing users to participate in both equities and DeFi without choosing between the two.
The SEC has clarified that tokenization does not remove instruments from federal securities law, with legal treatment depending on token rights and relationships between investors, issuers, brokers, and underlying companies. Federal banking agencies have made similar distinctions between tokens representing ownership versus instruments referencing other assets. The 1:1 backing model with Alpaca as custodian creates a clear link between the onchain token and a real, regulated share, though whether this structure satisfies SEC long-term requirements remains an open question. Coinbase is not alone in this opportunity, with Kraken and Robinhood also developing their own tokenized stock solutions. The current roster of ten tokenized stocks has accumulated nearly $399 million in cumulative DEX volume since launch, with the $100 million daily peak suggesting demand for onchain equities extends beyond novelty.
