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Coinbase Tokenized Stocks on Base Reach $4B in DEX Trading Volume

Coinbase Tokenized Stocks on Base Reach $4B in DEX Trading Volume

by | Oct 30, 2026 | DEX

Coinbase tokenized stocks issued on the exchange's Base network have reached $4 billion in cumulative decentralized exchange trading volume, according to data shared by Token Terminal and reported by Crypto Briefing on Friday.

The milestone points to sustained demand for the product, which lets eligible investors outside the United States trade blockchain-based tokens tied to U.S. equities, and it arrives as Coinbase works to reduce its reliance on spot crypto trading revenue.

How the Coinbase tokenized stocks work

The tokens, known as B20 tokens, represent U.S. equities and are backed one-to-one by shares held with a regulated custodian, Crypto Briefing reported. Minting and redemption are limited to KYC-approved participants, while secondary-market trading takes place permissionlessly among eligible users outside the United States.

On Base, Coinbase's Ethereum layer-2 network, users can trade tokens linked to Apple, Alphabet, Microsoft, Amazon, Nvidia, Tesla and Strategy, according to a Bloomingbit report. The underlying shares sit with a regulated custodian, and the tokens can move on-chain or be used in decentralized finance applications.

Coinbase has described the tokenized equities as securities redeemable for their underlying assets, with dividend exposure and voting rights being implemented, TradingKey reported. The company has recorded $3 billion in tokenized-equity trading volume on Base since opening the product to non-U.S. customers, a figure that measures activity on its own venue rather than the broader DEX total.

Lending and collateral use expands

Use of Coinbase tokenized stocks is spreading beyond trading. Aave, a decentralized lending protocol, now accepts seven of the Coinbase-issued tokenized stocks on Base as collateral for USDC borrowing, according to the Bloomingbit report, and services on the network now let users pledge tokens tied to U.S. stocks such as Apple and Microsoft to borrow stablecoins.

Deposits on Aave V4 reached $10.1 million, roughly 53% of the $18.9 million deposited across DeFi venues, according to Token Terminal data cited by Yahoo Finance. That $18.9 million remains small next to the $245.9 billion of assets Coinbase held on its platform at June 30.

Credit and brokerage products built around tokenized stocks are also being developed with support from Base, the report said. The circulating value of tokenized stocks overall rose about 18% over the past 30 days to roughly $3.84 billion, according to Blockworks data cited by Bitcoin.com on October 28.

Armstrong sees assets moving on-chain

Brian Armstrong, Coinbase's chief executive officer, said in a post on X that all asset classes are shifting on-chain, adding that tokenized stocks and stablecoins are expanding rapidly with additional assets expected to follow, according to Bloomingbit.

The company competes in the tokenized stock market alongside Ondo, xStocks and Securitize. Blockworks co-founder Jason Yanowitz called the tokenized stock market's expansion one of the fastest-growing charts in tech.

Management told investors that tokenized-equity volume on Base showed early momentum in the third quarter, alongside growth in agentic trading through the company's MCP API and continued USDC adoption, TradingKey reported. Sequencer fees are currently the most direct source of monetization for the activity on Base.

Volume milestone lands after third-quarter report

The DEX volume figure follows Coinbase's third-quarter 2026 results, reported after the close on Thursday, October 29. The company said revenue was broadly flat quarter over quarter even as overall crypto spot trading volume fell 10% sequentially, with prediction markets helping to offset the weaker spot activity, according to TradingKey.

Services revenue accounted for roughly 49% of total net revenue in the quarter, reflecting the company's shift toward a more diversified revenue mix. Coinbase's prediction markets business, which debuted in February 2026, passed a $200 million annualized revenue run rate in the period and ranked among the company's fastest-growing new revenue products, TradingKey reported.

Yahoo Finance noted ahead of the report that Armstrong's push into AI agents, stablecoins and tokenized stocks remained too small in dollar terms to move quarterly revenue, with Coinbase shares down 31% this year. Wall Street projects $5.30 billion in 2026 revenue, a decline of roughly 26% from the $7.18 billion recorded in 2025, according to Yahoo Finance.

Base token speculation persists

The activity around Coinbase tokenized stocks has fed expectations about Base's ecosystem, including the possibility of a Base token launch, Crypto Briefing reported. Market odds on a Base token arriving by the end of 2026 are still low, though YES probabilities ticked slightly higher over the past 24 hours.

Markets are watching for further announcements from Coinbase, particularly around a potential Base token, and observers are also tracking regulatory updates and public statements from company executives that could shift the perceived likelihood of a launch by year-end, according to Crypto Briefing.

Coinbase management has stressed that durable differentiation will come from liquidity and network effects, not from issuing a token by itself, TradingKey reported. The company is also folding its acquired crypto options platform into a single regulated global exchange spanning perpetual futures, options and futures, and plans to relaunch its advanced trading platform under the Coinbase Pro brand.

Conclusion

Coinbase tokenized stocks on Base have accumulated $4 billion in decentralized exchange volume, according to Token Terminal data, with the tokens backed one-to-one by custodied shares and increasingly used as collateral in DeFi lending through Aave. The product remains small relative to Coinbase's overall business but is growing as the company diversifies beyond spot trading.

The next concrete markers are any announcements from Coinbase on a potential Base token and further regulatory or executive statements that could shape market expectations for a launch by the end of 2026, according to Crypto Briefing.

Frequently Asked Questions

What are Coinbase's B20 tokenized stocks on Base?

B20 tokens are blockchain-based tokens issued on Coinbase's Base network that represent U.S. equities, with each token backed by a corresponding share held at a regulated custodian. Only KYC-approved participants can mint or redeem the tokens, while secondary trading occurs permissionlessly among eligible users outside the United States.

How much DEX trading volume have Coinbase tokenized stocks reached?

Coinbase tokenized stocks on Base have reached $4 billion in cumulative decentralized exchange trading volume, according to Token Terminal data reported by Crypto Briefing. Separately, the company said tokenized-equity trading on Base has totaled $3 billion since the product opened to customers outside the United States.

Which U.S. stocks can be traded as tokens on Base?

Tokens on Base are linked to shares of Apple, Alphabet, Microsoft, Amazon, Nvidia, Tesla and Strategy, according to a Bloomingbit report. The service is offered to eligible investors outside the United States, with underlying shares held by a regulated custodian.

Can Coinbase tokenized stocks be used as loan collateral?

Yes. The Aave lending protocol accepts seven of the tokenized stocks Coinbase issues on Base as collateral for USDC loans, according to Bloomingbit. Deposits on Aave V4 reached $10.1 million, about 53% of the $18.9 million across DeFi venues, per Token Terminal data cited by Yahoo Finance.

Will Coinbase launch a Base token by the end of 2026?

Market pricing for a Base token launch by the end of 2026 remains low, though YES probabilities rose slightly over the past 24 hours, Crypto Briefing reported. Coinbase management has said lasting differentiation rests on liquidity and network effects, not on issuing a token alone.

Sources

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Solana DEX Volume Tops Ethereum 2.22x on One-Eighth the Capital

Solana DEX Volume Tops Ethereum 2.22x on One-Eighth the Capital

by | Oct 19, 2026 | Ethereum

Tokens worth $1.57 billion changed hands on Solana's decentralised exchanges in the 24 hours to Monday morning, October 19, more than double the $706 million recorded on Ethereum over the same period, according to CryptoTicker, citing DefiLlama data queried that morning. The Solana DEX volume came to $1.566 billion across all of the network's exchanges combined, even though its applications hold only about an eighth of the capital committed on Ethereum.

The divergence matters because it separates two stories that are often conflated: how much trading a network hosts and how much capital investors have committed to it. Sunday's turnover on Solana ran at 2.22 times the Ethereum figure, and the weekly comparison shows that lead growing, CryptoTicker reported.

Solana DEX Volume Against Committed Capital

Measured by total value locked, the capital investors have committed to a blockchain's applications, Ethereum holds $49.86 billion against Solana's $5.89 billion, which works out to roughly eight and a half times as much. Two networks whose committed capital differs by a factor of eight therefore come out in reverse order on trading volume.

Setting a day's trading against committed capital yields a turnover figure that the usual dashboards do not carry: it shows how frequently a single dollar changes hands within 24 hours. Solana's calculation divides $1.566 billion of volume by $5.89 billion of locked capital, giving 26.6 percent, meaning roughly a quarter of all committed capital passes through trading daily. Ethereum's equivalent math divides $706 million by $49.86 billion, giving 1.4 percent, which puts Solana's turnover around 19 times as high.

Across the full week, trading on Solana totalled $14.03 billion, 22.6 percent higher than the prior week. The same query for Ethereum shows a 20.5 percent daily increase to $705.9 million, while its weekly total of $8.07 billion was just 1.2 percent higher than the week before, CryptoTicker reported.

Why Cheap Blocks Drive Turnover

Turnover, taken as a metric, carries no verdict in either direction; it simply describes how a network is built. A high reading indicates heavy trading activity resting on a small capital base, while low turnover means capital sits and works rather than being moved.

A transaction on Solana costs fractions of a cent and a block closes in under a second, conditions under which a trade pays off at tiny price differences. Under those conditions, bots and aggregators repeatedly purchase an identical token on one venue and offload it on another within the same day, capturing spreads of only a few tenths of a percent each time, and each of those passes registers as volume in the statistics even though no fresh capital has flowed into the network, CryptoTicker reported.

The stablecoin base on Solana, money standing ready in dollar-pegged tokens such as USDC, came to $15.49 billion on Monday, around two and a half times the network's $5.89 billion in committed capital. Ethereum, by comparison, holds $144.04 billion in stablecoins against committed capital of $49.86 billion, a ratio of just under 3 to 1. On Solana an above-average share of money is parked in trading liquidity and a below-average share is tied up in lending and yield applications.

Committed Capital Counted in SOL

A dollar-measured TVL blends two components: the quantity of tokens deposited and the market price of those tokens, so the figure drops when the price falls even if nobody withdraws. CryptoTicker divided DefiLlama's daily TVL by CoinGecko's daily closing price over the past 120 days to strip out the price effect.

The result shows committed capital corresponded to 55.68 million SOL on October 19, down from 57.04 million on October 18 and 56.47 million on October 10. Looking back 90 days to July 21, the network held 63.75 million SOL, while the window's peak of 69.08 million was set on June 25. From that high, 19.4 percent of the deposited tokens have left in not quite four months, independent of the price, and on only 20 of 120 days was the figure lower than Monday's.

The counter-calculation separates the price problem from the quantity problem. From Sunday to Monday the SOL price rose 2.4 percent, from an average of $103.36 to $105.80, while committed capital slipped from $5.896 billion to $5.890 billion, a decline from 57.04 million to 55.68 million when counted in SOL. Daily volume picked up by a quarter over the same stretch, meaning the price rise came with more trading but less deposited capital, CryptoTicker reported.

Fees, Price Levels and ETF Flows

High turnover generates income. Fees accruing on the Solana blockchain added up to $9.71 million in the 24 hours to Monday morning and $79.76 million over seven days, according to DefiLlama data cited by CryptoTicker. Measured against committed capital of $5.89 billion, the daily figure amounts to a rate of 0.16 percent, which annualised puts it in the order of 60 percent of the capital committed today, an arithmetic check rather than a forecast because fees swing with trading. The check shows what the turnover ratio means economically: a network with little committed capital and a lot of trading earns from movement, not from sitting still.

SOL stood at $105.80 on Monday morning, 2.7 percent above the previous day but still 6.0 percent below its level a week ago, according to CoinGecko data as of October 19, 8:45 UTC. In the 24 hours to Monday morning the low was $100.48 and the high $106.05, leaving the price 5.3 percent above the daily low and 0.2 percent below the daily high. Solana's market capitalisation stood at $62.4 billion, with 589.4 million SOL in circulation out of a total of 636.0 million.

To the upside the next marker is the level of October 12, when SOL averaged $111.25 over the day; to the downside the round $100 stands, and its defence has now been running for five days. SOL remains 63.9 percent below its all-time high of $293.31 reached on January 19, 2025.

Fund flows tell a parallel story. Investors withdrew about $1 billion from spot Ethereum and Solana ETFs from October 1 to 16, with Ethereum funds seeing net outflows of $954.8 million and Solana funds $54.9 million, AOL reported. Relative to fund size, Ethereum's outflow represents about 6.4 percent of its $14.95 billion in net assets, while Solana's stands at about 3.4 percent of $1.62 billion, suggesting Ethereum ETF holders are exiting faster despite Solana's longer outflow streak. Solana's last ETF inflow was $1.3 million on October 2.

Alpenglow Upgrade and What Comes Next

Solana's Alpenglow upgrade on October 21 is the next catalyst, according to AOL, which described it as an update aimed at improving how validators reach consensus on new transactions. A positive ETF session afterward, the first inflow since October 2, would be the clearest sign buyers have returned, AOL reported, adding that investor enthusiasm for Solana ETFs remains muted.

Over the past 90 days Solana returned 36.7 percent compared with Ethereum's 29.3 percent, and it held its key support level during the recent decline, AOL reported. From the newsroom's point of view, CryptoTicker wrote, the turnover carries the story of Solana as the fastest trading venue, but it does not carry the story of capital inflows: volume rose 22.6 percent over seven days while committed capital counted in SOL fell and the price lost 6.0 percent.

Sunday's emission question also remains open, because no vote has been held on proposal SIMD-0550 since, CryptoTicker reported. If volume rises while TVL falls, turnover grows and the network lives more off short-term trading.

Conclusion

The week's opening established a clear split: Solana's decentralised exchanges turned over $1.566 billion in 24 hours, 2.22 times Ethereum's volume, on $5.89 billion of committed capital against Ethereum's $49.86 billion, a turnover rate of 26.6 percent against 1.4 percent. Counted in tokens rather than dollars, Solana's committed capital has fallen 19.4 percent from its June 25 high, even as trading rose 22.6 percent week on week.

The next concrete marker is the Alpenglow upgrade on October 21, followed by whether Solana ETFs record their first inflow since October 2. A vote on emissions proposal SIMD-0550 also remains pending.

Frequently Asked Questions

How much did Solana DEX volume reach on October 19, 2026?

Tokens worth $1.57 billion changed hands on Solana's decentralised exchanges in the 24 hours to Monday morning, October 19, with the combined figure across all Solana DEXs at $1.566 billion, according to DefiLlama data cited by CryptoTicker. Ethereum recorded $706 million over the same period.

How does Solana's committed capital compare with Ethereum's?

Ethereum holds $49.86 billion in total value locked against Solana's $5.89 billion, a ratio of 8.5 to 1 in Ethereum's favour. Despite that gap, Solana traded 2.22 times Ethereum's DEX volume on Sunday, giving it a daily turnover of 26.6 percent of committed capital versus Ethereum's 1.4 percent.

What is daily turnover and why is Solana's 26.6 percent significant?

Daily turnover sets a day's trading volume against committed capital, showing how often the same dollar moves in a day. Solana's 26.6 percent means roughly a quarter of all committed capital passes through trading daily, around 19 times Ethereum's rate, reflecting a design where cheap, sub-second transactions make small-spread trading viable.

How much have Solana and Ethereum ETF investors withdrawn in October 2026?

Investors withdrew about $1 billion from spot Ethereum and Solana ETFs from October 1 to 16, AOL reported. Ethereum funds saw net outflows of $954.8 million, about 6.4 percent of their $14.95 billion in net assets, while Solana funds lost $54.9 million, about 3.4 percent of $1.62 billion.

When is Solana's Alpenglow upgrade and what would signal renewed demand?

The Alpenglow upgrade is scheduled for October 21, 2026, and is aimed at improving how validators reach consensus on new transactions, according to AOL. The clearest sign that buyers have returned would be a positive Solana ETF session afterward, the first inflow since a modest $1.3 million on October 2.

Sources