Tokenized stock transfer volume climbed more than 415% over the 30 days ending Aug. 29, reaching $29.5 billion as Coinbase brought four equity tokens to Base, signaling a sharp acceleration in onchain equity activity.
Activity Outpaces Market Value Growth
Data from RWA.xyz showed that monthly active addresses increased more than 209% to approximately 1.3 million, while the number of holders rose 167% to 2.36 million. The total distributed value of tokenized stocks increased at a much slower rate, rising 1.45% over 30 days to $2.54 billion — though that figure was about 637% above the $344 million recorded one year earlier.
The difference between transfer volume and distributed value shows that existing stock tokens are circulating more frequently. The $29.5 billion monthly figure was more than 11 times the sector's $2.54 billion onchain value.
Coinbase Tokenized Stocks Go Live on Base
Coinbase launched tokenized versions of Nvidia, Meta, Apple and Alphabet shares on Base on Aug. 24. The products trade under the NVDAc, METAc, AAPLc and GOOGLc tickers using Coinbase's B20 token standard. Each token initially represents a beneficial interest in one underlying share held through a segregated custody account.
Alpaca Securities acts as the broker and custodian responsible for purchasing and holding the underlying stocks. Base describes the products as "real shares" held one-for-one by a regulated custodian, though the prospectus distinguishes beneficial ownership from direct registration on the listed company's shareholder records.
Base Integrations Expand Beyond Trading
The B20 tokens can interact with supported Base applications. Aerodrome provides decentralized liquidity, while protocols including Aave, Morpho and Euler support or plan lending functions. Chainlink launched price feeds for the four assets, combining the underlying stock price with a Coinbase-provided multiplier that accounts for changes in the deposit ratio.
Continuous trading creates additional risks. Token prices may move during weekends and outside regular market sessions, when underlying shares are not trading. Lower liquidity during those periods could produce wider price differences. Corporate distributions also work differently — the issuer generally reinvests dividends into additional underlying shares after fees and applicable U.S. withholding taxes.
U.S. Investors Remain Excluded
Coinbase limits the Base products to eligible non-U.S. users under Regulation S, which covers certain securities transactions outside the United States. Users who acquire tokens through decentralized markets must still complete the issuer's compliance process before accessing redemption and voting functions. Unverified holders cannot redeem tokens for shares, U.S. dollars or accepted stablecoins.
RWA.xyz ranked Securitize Corp. as the largest individual tokenized stock at approximately $163 million. Ondo led platform rankings with $842.8 million in distributed value, followed by Kraken's xStocks at $609.3 million and Binance's bStocks at $599.9 million. Together, the three platforms represented roughly 81% of the tracked market.
