Tokenized stocks on the Base layer-2 network reached a new daily decentralized exchange volume record of $100 million on September 12, 2026, according to data cited by Token Terminal. The surge reflects rapid adoption less than three weeks after Coinbase launched its first Base-native stock tokens.
Over the preceding 30 days, Base tokenized-stock DEX volume totaled $730.9 million. Aerodrome generated $557.1 million, or 76% of the measured market, while Uniswap v4 handled $139.3 million, roughly 19%. The two venues together accounted for more than 95% of the total, leaving approximately $34.5 million for the remaining Base exchanges.
Base founder Jesse Pollak emphasized the speed of growth, noting that daily stock volume on Base climbed from zero to $100 million in 26 days. Coinbase originally launched four tokenized stocks on August 24 for eligible investors outside the US, referencing Apple, Nvidia, Alphabet and Meta under tickers AAPLc, NVDAc, GOOGLc and METAc. It later expanded the lineup with tokens tied to Amazon, Microsoft, Strategy, SanDisk, Tesla and private company SpaceX, bringing the group to ten products.
Token Terminal's figures measure completed swaps rather than assets under custody or exchange revenue, meaning the same token can be counted multiple times as it changes hands. The data did not break down wallet counts or average transaction sizes. Aerodrome processes trades through liquidity pools, while Uniswap v4 offers a separate liquidity source with programmable hooks that allow developers to customize fees, liquidity management and access conditions.
Tokenized stock tokens can also trade outside regular US equity market hours, creating periods when on-chain prices move without an active primary-market price for the referenced shares. Coinbase says public stock tokens are backed one-for-one by underlying shares held through brokerage infrastructure provider Alpaca, and the products use the B20 standard to support identity checks and compliance controls.
The record points to growing engagement with tokenized assets and decentralized trading infrastructure on Base. However, the broader crypto market is showing mixed signals, and traders should remain aware of potential volatility despite the strong volume trend.
