Tokenized stocks on Base crossed 100 million dollars in a day: what the numbers show, three weeks after launch

On 12 September 2026 the analytics firm Token Terminal posted a single sentence: "Tokenized stocks on Base just recorded a new daily DEX trading volume high of $100M." Crypto Briefing, reporting the same day, wrote that "The entire tokenized equities category on Base hit a milestone on September 12, when daily trading volume crossed $100 million for the first time." This article puts the figure in context — where it comes from, what sits behind the tokens, and what a volume number can and cannot tell you.

Base is the Ethereum layer-2 network operated by Coinbase. According to Crypto Briefing, tokenized versions of major US stocks launched on Base on 24 August 2026. The first week produced roughly 94.6 million dollars of decentralized-exchange volume. By the one-month mark, cumulative volume had passed 228 million dollars; a second Crypto Briefing piece gives the first-30-day figure as approximately 227.7 million dollars. On 12 September the daily figure crossed 100 million for the first time. Token Terminal's LinkedIn post adds a 30-day total of 730.9 million dollars, of which Aerodrome accounted for 557.1 million and Uniswap v4 for 139.3 million. We note that the 30-day total in Token Terminal's post is larger than Crypto Briefing's one-month cumulative figure; the two may measure different windows or different token sets, and we have not been able to reconcile them, so both are given as published.

The Crypto Briefing report describes the structure. The tokens follow what it calls the B20 standard, and each is "backed 1:1 by actual shares held in custody by Alpaca, a brokerage infrastructure provider." The tickers named are NVDAc for Nvidia, AAPLc for Apple, GOOGLc for Alphabet and METAc for Meta. A token representing SpaceX stock, SPCXc, launched on 4 September and reached 6.6 million dollars of daily DEX volume, with roughly 3,400 holders as of 11 September, according to a separate Crypto Briefing article. We have not verified the custody arrangement independently; the 1:1 backing is the issuer's and the reporter's description, not something visible on the chain.

Both Crypto Briefing articles agree on one structural fact: Aerodrome, the leading decentralized exchange on Base, handled "more than 77 percent" of all tokenized-stock volume since launch. Token Terminal's 30-day split — 557.1 of 730.9 million — works out to about 76 percent, consistent with that. Uniswap v4 is the second venue. A single venue carrying three quarters of the flow means the headline number is, to a large extent, one exchange's number.

Crypto Briefing's framing, in a third article the same day, is that Coinbase is trying to "replicate its USDC strategy for on-chain equity trading": issue a 1:1-backed representation of an off-chain asset, put it on its own network, and let the venues build around it. We reported earlier this week on three stablecoin announcements pointing in one direction; tokenized equities are the same infrastructure argument applied to shares rather than dollars. That is a description of a strategy, not a judgement on whether it will work.

Three cautions belong next to the 100 million figure. First, DEX volume counts every swap, including the same capital moving several times in a day; it is not the same as net new money entering tokenized stocks. Second, the figures come from analytics providers and from Crypto Briefing's reporting; Base or Coinbase has not, in the sources we read, published an official volume statement. Third, a record on day 19 of a product's life says something about launch interest and little about durability — the same source notes the network had not touched this level in the previous 26 days, meaning the number moved up and down within the month.

None of this is a view on any token or on Coinbase. It is a record of what was published on 12 September 2026, with the seams showing.

Our Market Observation page shows live, sourced price and market data for the major crypto assets; the mechanics of how an on-chain token can represent an off-chain asset — and what "backed" means in practice — are covered in the Crypto Academy. For a longer documentary study of one network's design choices, see our book on the XRP Ledger at /ripple. The team behind these pages is introduced on the About page.

• Token Terminal, post on X and LinkedIn, 12 September 2026 — "Tokenized stocks on Base just recorded a new daily DEX trading volume high of 100 million dollars"; 30-day volume 730.9 million, Aerodrome 557.1 million, Uniswap v4 139.3 million.
• Crypto Briefing, "Base records 100 million dollars in daily DEX trading volume for tokenized stocks", 12 September 2026 — launch date 24 August 2026, first-week 94.6 million, cumulative 228 million, Aerodrome above 77 percent, B20 standard, Alpaca custody, tickers.
• Crypto Briefing, "Coinbase's SPCXc tokenized SpaceX stock hits 6.6 million dollars in DEX volume", 12 September 2026 — SPCXc launch 4 September, about 3,400 holders on 11 September, first-30-day total about 227.7 million.
• Crypto Briefing, "Coinbase aims to replicate USDC success with tokenized stocks", 12 September 2026.

Educational content. Not investment advice.