Tokenized stocks on Coinbase's Base network hit a record $100 million in daily decentralized exchange volume, with Aerodrome handling more than three-quarters of the trading. The product lineup has since grown from four tokens to ten, and regulators are still defining how the tokens fit into existing securities law.
Base tokenized stocks recorded a new daily DEX trading high of $100 million, with Aerodrome controlling more than three-quarters of the category's monthly volume. Base founder Jesse Pollak shared the record, noting the category went from zero to $100 million in daily volume in 26 days.
Aerodrome captured most Base tokenized stock trading
Token Terminal reported on Sept. 12 that tokenized-stock DEX volume on Base reached $730.9 million over the preceding 30 days. Aerodrome processed $557.1 million of that, representing 76% of the total, while Uniswap v4 handled $139.3 million. Together the two exchanges accounted for more than 95% of the recorded volume, leaving roughly $34.5 million for the remaining Base venues.
Aerodrome uses liquidity pools, where users and market makers deposit paired assets so traders can swap tokens without routing orders through a centralized exchange. Uniswap v4 draws on a separate liquidity source: its programmable hooks let pool developers customize fees and access conditions. Neither dataset shows how much trading happened during regular U.S. equity-market hours, and the tokens can move without an active primary-market price once Nasdaq and the NYSE close.
Base tokenized stocks grew from four to ten products
Coinbase launched its first Base-native stock tokens on Aug. 24 for eligible investors outside the U.S., referencing Apple, Nvidia, Alphabet and Meta. It later added tokens tied to Amazon, Microsoft, Strategy, SanDisk, Tesla and SpaceX. SpaceX is privately held, so its inclusion mixes a private-company asset into a lineup otherwise built on listed equities.
The listed-equity tokens are backed one for one by underlying shares held through Alpaca, a U.S. brokerage infrastructure provider, Coinbase says. That backing does not make a token legally identical to a share held directly in a brokerage account — voting rights, dividends and redemption depend on the governing agreements, and holders rely on the issuer and broker to keep accurate custody records.
Regulators are still sorting the legal structure
The SEC addressed tokenized securities in a January statement, saying legal treatment depends on the rights the token represents and the relationships among investor, issuer, broker and custodian. Tokenization itself does not remove an instrument from federal securities law, the agency said. Neither the SEC nor the Federal Reserve has specifically addressed Coinbase's Base products.
Token Terminal's $730.9 million figure is a rolling 30-day total that will shift as trading enters and leaves the window, and Aerodrome's 76% share could move if liquidity migrates to Uniswap v4 or another Base venue.
Source: crypto.news
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