Tokenized stock transfer volume climbed more than 415% over the 30 days ending Aug. 29 to reach $29.5 billion, according to RWA.xyz data, as Coinbase brought four equity tokens onto its Base network. Monthly active addresses rose more than 209% to approximately 1.3 million, even as the sector's total onchain value grew far more slowly.
Tokenized stock transfer volume climbed more than 415% over 30 days to $29.5 billion, RWA.xyz data showed, as Coinbase launched equity tokens on Base. Monthly active addresses rose over 209% to about 1.3 million, and the number of holders increased 167% to 2.36 million over the same period.
The total distributed value of tokenized stocks told a different story. It rose just 1.45% over 30 days to $2.54 billion — though that figure was about 637% above the $344 million recorded a year earlier. Transfer volume measures value moved between addresses rather than distinct purchases and sales, so automated transfers and repeated activity between decentralized applications can also push the number higher.
Coinbase tokenized stocks go live on Base
Coinbase launched tokenized versions of Nvidia, Meta, Apple and Alphabet shares on Base on Aug. 24, trading under the NVDAc, METAc, AAPLc and GOOGLc tickers on Coinbase's B20 token standard. Coinbase Onchain SPV Ltd., incorporated in Abu Dhabi Global Market, issues the securities, with each token representing a beneficial interest in one underlying share held through a segregated custody account.
Alpaca Securities acts as broker and custodian for the underlying stocks and is registered with the U.S. Securities and Exchange Commission. Base describes the products as backed one-for-one by a regulated custodian, though the product prospectus distinguishes beneficial ownership from direct registration on the issuing company's shareholder records.
Trading volume outpaces the sector's onchain value
RWA.xyz ranked Securitize Corp. as the largest individual tokenized stock at approximately $163 million, followed by Strategy PP Variable xStock at $136 million. Among platforms, Ondo led with $842.8 million in distributed value, ahead of Kraken's xStocks at $609.3 million and Binance's bStocks at $599.9 million — together about 81% of the tracked market.
Chainlink also launched price feeds for the four Base-listed assets, combining the underlying stock price with a Coinbase-provided multiplier that adjusts for changes in the equity represented per token. The data can help decentralized finance lending protocols calculate borrowing limits and collateral health, though each protocol still sets its own risk parameters.
U.S. investors remain excluded from the offering
Coinbase restricts the Base products to eligible non-U.S. users under Regulation S, since the tokenized securities are not registered under the U.S. Securities Act. Unverified holders cannot redeem tokens for shares, dollars or accepted stablecoins, while verified redemptions carry a 0.05% fee and remain subject to identity and anti-money laundering checks.
Coinbase said "more stocks are coming", but has not published a complete launch schedule. Any additional products will still need regulatory approval and separate prospectus disclosures.
Source: crypto.news
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