Coinbase launched tokenized US equities on its Base layer-2 network on August 24, 2026. These assets are 1:1 backed by actual shares held by the regulated custodian Alpaca. The tokens follow the B20 standard, with pricing data provided by Chainlink oracles to ensure synchronization with real-world market values.
The cumulative trading volume for these assets on decentralized exchanges has surpassed $5 billion. The platform experienced a significant surge in activity in early November 2026, including a single-day record of $150 million on November 6. A subsequent weekend session recorded $170 million in volume, highlighting demand for 24/7 trading.
The decentralized exchange Aerodrome serves as the primary venue for these tokens, accounting for between 76% and 98% of total trading volume since the launch. Examples of available assets include NVDAc for Nvidia and AAPLc for Apple. Access to these tokenized stocks is currently restricted to eligible non-US users.
