Coinbase logs $1B in tokenized stock DEX volume on Base

Coinbase recorded over $1 billion in decentralized exchange (DEX) trading volume for tokenized US equities on its Base network within roughly one month. The Base team announced the milestone on September 19, 2026. Spot DEX volume for tokenized stocks on Base jumped approximately 830% month over month, with the decentralized exchange Aerodrome capturing about 85% of that activity, representing roughly $852.7 million.

The tokenized equities trade under the B20 standard, an ERC-20-compatible format built on Rust precompiles that launched on August 24, 2026. The offering is currently restricted to non-US persons. Unlike certificate-backed models from competitors, Coinbase provides direct 1:1 share ownership via Alpaca Securities as a regulated broker-custodian under the Abu Dhabi Global Market framework, giving token holders dividend and voting rights.

The total tokenized public equities market stands at approximately $2.48 billion. In comparison, Kraken's xStocks has recorded $25 billion in cumulative centralized exchange volume, Ondo Global Markets holds $638 million in total value locked for a 58% issuer share, and Binance's bStocks holds $610 million in assets under management across its first two months.

Coinbase is preparing to bring the structure onshore following the US Securities and Exchange Commission's September 17, 2026 release of an Innovation Exemption. The five-year conditional relief permits tokenized National Market System stocks in the US if they grant the same rights as underlying shares and use permissioned, OFAC-compliant access. Traditional exchanges including Nasdaq, NYSE, and Cboe have raised concerns over overnight trading liquidity fragmentation, while SIFMA has sought formal SEC rulemaking.