Tokenized stocks on Base have reached a record $100 million in daily decentralized exchange volume, marking a new high for the emerging on-chain equity market. The milestone comes only weeks after Coinbase launched its first Base-native tokenized stocks, showing how rapidly trading activity has expanded across the network’s decentralized venues.
According to Token Terminal’s official data, tokenized stocks generated approximately $730.9 million in DEX volume over the preceding 30 days. Aerodrome dominated that activity with $557.1 million, representing roughly 76% of the total, while Uniswap v4 processed another $139.3 million.
Tokenized stocks on Base just recorded a new daily DEX trading volume high of $100M
30d volume reached $730.9M, with Aerodrome accounting for $557.1M, or 76%, followed by Uniswap v4 at $139.3M pic.twitter.com/eoYPvLG12T
— Token Terminal 📊 (@tokenterminal) September 12, 2026
Aerodrome Captures Most Tokenized Stock Trading
Together, Aerodrome and Uniswap v4 handled approximately $696.4 million, or more than 95% of the measured tokenized-stock volume. Aerodrome alone processed roughly four times as much activity as Uniswap v4, reinforcing its position as the primary liquidity venue for Coinbase tokenized equities on Base.
The $100 million daily record represents a substantial acceleration from earlier trading levels. Previous data placed Base tokenized-stock DEX volume at $562.7 million over a rolling 30-day period, meaning the latest $730.9 million snapshot reflects continued expansion as additional sessions entered the measurement window. The figures measure completed trading volume, however, not unique investor demand or the amount of equity held on-chain.
The products themselves include tokenized exposure to companies such as Nvidia, Apple, Meta and Alphabet. Unlike synthetic equity products that merely track a stock price, Coinbase Tokenized Stocks are B20 securities backed 1:1 by underlying shares held through regulated, bankruptcy-remote custody, according to Coinbase and Base documentation.
Base Builds Around Programmable Equities
Coinbase introduced its first Base-native tokenized stocks on August 24 for eligible users outside the United States. Once issued, the tokens can be held in self-custodial wallets and traded through compatible DeFi protocols around the clock. That structure turns conventional equity exposure into an asset that can interact directly with decentralized trading, lending and collateral markets.
The concentration on Aerodrome also creates an important dependency. Deep liquidity can improve execution and attract additional order flow, but a market where one DEX handles roughly three-quarters of trading remains highly concentrated at the liquidity layer, even if the underlying assets themselves are distributed across multiple stocks.
The $100 million daily milestone therefore demonstrates growing trading activity rather than establishing a permanent run rate. The next test for Base will be whether tokenized-stock volume remains elevated as more equities and DeFi integrations arrive, or whether the record reflects a temporary burst around a rapidly expanding new asset class.
Emma Lawson writes about the pressure points where crypto meets the outside world: regulation, exchanges, macro policy, tokenized assets and geopolitical risk. From the US, she follows the decisions and events that can change how capital moves, how platforms operate and how digital assets are treated by institutions.
Her work is direct and evidence-led. Emma is less interested in legal theatre than in practical consequences: what changed, who is affected, which risks are real and where the market may be overreacting. She brings a steady voice to complex stories, especially when regulation, infrastructure and global markets start pulling in the same direction.