Tokenized stocks issued through Robinhood and Coinbase generated approximately $11.4 billion in spot decentralized exchange volume over the past 30 days, showing how quickly equity-linked trading has expanded across dedicated blockchain markets. Robinhood Stock Tokens accounted for roughly $10.4 billion of the total, while Coinbase-issued tokenized stocks on Base contributed about $1 billion. The figures measure gross trading turnover rather than capital invested, liquidity deposited or underlying equity value.
According to Token Terminal data, activity is heavily concentrated on two Ethereum Layer 2 networks: Robinhood Chain and Base. The distribution demonstrates that tokenized-stock trading is developing around network-specific issuance and liquidity ecosystems rather than one universal on-chain equity market. Robinhood Chain is a permissionless Ethereum-compatible L2 built using Arbitrum infrastructure, while Base provides the settlement environment for Coinbase’s B20 stock tokens.
Robinhood- and Coinbase-issued tokenized stocks generated $11.4B in spot DEX volume over the past 30 days:
• Robinhood Chain: $10.4B
• Base: $1.0BRobinhood led this period. Could Coinbase lead the next leg up? pic.twitter.com/BnuqW4HYxa
— Token Terminal 📊 (@tokenterminal) September 21, 2026
Robinhood Chain Dominates 30-Day Turnover
Robinhood-linked products generated approximately $10.4 billion in spot DEX volume during the measured period. The network has already developed substantial decentralized trading infrastructure, including more than $10 billion in cumulative Uniswap volume during its first month. That wider protocol volume should not be confused with stock-token volume specifically, because Robinhood Chain also supports crypto assets, launchpad tokens and other markets.
The legal structure of the stocks is equally important. Robinhood describes its Stock Tokens as tokenized debt securities issued by Robinhood Assets (Jersey) Limited that provide economic exposure to underlying shares and ETFs. Holders do not obtain direct legal or beneficial ownership of the referenced company simply by holding a Robinhood Stock Token. This makes trading volume an indicator of demand for the tokenized instrument, not equivalent trading in the underlying shares themselves.
Base has developed a different structure around Coinbase-issued equities. Thirty-day tokenized-stock DEX volume exceeded $1 billion, up approximately 830% month over month, with Aerodrome responsible for about $852.7 million, or roughly 85%, of the measured activity. Liquidity on Base remains highly concentrated around a small number of execution venues. Earlier in the expansion, Base tokenized-stock volume stood near $562.7 million, illustrating how quickly the rolling total has increased.
Trading Growth Outpaces Holder Expansion
Coinbase-issued stocks on Base now have approximately 46,700 holders, according to Token Terminal, up around 97-fold over 30 days. Nvidia, Apple and Alphabet-linked tokens are among the largest by holder count. That growth provides a separate adoption signal from trading volume because holder numbers measure addresses maintaining exposure rather than how frequently assets change hands.
Individual venues are also reaching their own milestones. Uniswap recently crossed more than $300 million in tokenized-stock volume on Base, while Robinhood Chain continues attracting competing liquidity systems, including PancakeSwap Infinity pools that now allocate 90% of trading fees to LPs. Competition is increasingly shifting from basic token issuance toward execution quality, liquidity depth and capital efficiency.
The latest figures also extend a market that was already expanding rapidly during the summer. Binance Research measured approximately $8.8 billion of sector-wide tokenized-equity DEX volume in July, up from $2.9 billion in June. The current $11.4 billion generated by Robinhood and Coinbase products alone shows that trading turnover has continued scaling, but repeated trading can inflate volume without proportional growth in unique capital.
The next measurable milestone is whether that activity persists across multiple rolling periods. Holder growth, liquidity depth, spreads, repeat usage and volume after incentives normalize will provide stronger evidence of durable on-chain equity adoption than headline turnover alone. For now, the data confirms a sharp concentration of tokenized-stock trading around Robinhood Chain and Base, with $11.4 billion changing hands through their equity-linked markets over 30 days.
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.