Aug 25, 2026 · 51 min
Coinbase pushes tokenized stocks toward a global market
Coinbase Launches Tokenized Stocks on Base | Jesse Pollak
Tokenized equities could connect traditional ownership rights to 24/7, interoperable financial infrastructure, but liquidity, regulation, and currency access remain unresolved.
- 1Coinbase’s tokenized stocks pair one-to-one backing with dividends, governance rights, and potential DeFi composability.
- 2Base aims to make tokenized equities a gateway to crypto-powered neobrokerages serving customers beyond the United States.
- 3The broader strategy depends on scaling chains, local-currency stablecoins, and coordinated compliance across global markets.
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Jesse Pollak connects tokenized stocks to a larger ambition: making global currencies, stablecoins, and financial products usable across a worldwide on-chain system.
The brief
Jesse Pollak presents Coinbase’s tokenized stocks as more than a new trading product: they are a step toward moving global finance on chain and making equities available around the clock.
The tokens are backed one-to-one and tied to claims through Coinbase’s partners, while dividends can rebase balances so the assets remain easier to use as DeFi collateral.
Base offers permissionless access at the token layer, but interfaces may restrict United States users; the launch begins with major stocks and plans thousands more.
The central tension is whether fragmented liquidity, changing overnight prices, and jurisdiction-by-jurisdiction compliance can support a genuinely global market for tokenized equities.
Pollak’s larger roadmap reaches beyond stocks: Base needs more capacity, local-currency stablecoins, and cross-chain distribution to become infrastructure for global financial products.
What was said on this episode
31 statements · 31 positive
The whole world will move on-chain.
“I think we think the whole world is going to move on chain.”
Listen at 0:13
Tokenized stocks become globally available and usable continuously, quickly, and cheaply.
“That makes them. 24-7, 365, it makes them globally available. It makes them instant, fast, cheap to do anything with.”
Listen at 0:30
Builders will create borrowing and lending products around tokenized stocks.
“people are going to be building borrowing and lending experiences around them.”
Listen at 0:47
Tokenized stocks will see substantial adoption and innovation.
“I think we're going to see a lot of adoption and innovation coming along.”
Listen at 1:09
Each tokenized stock is backed one-to-one and gives users a direct claim.
“every tokenized stock has a one-to-one representation that users have a direct claim on.”
Listen at 1:39
One-to-one tokenized equities will increase adoption and trust.
“We think that this is going to lead to them being more widely adopted, more trusted by consumers and institutions”
Listen at 1:52
Tokenized stocks will provide dividends, direct claims, and governance rights.
“you're going to have dividends, you're going to have a direct claim to those, you're going to have the governance rights.”
Listen at 2:46
Rebasing dividends increase composability across lending, borrowing, and yield generation.
“if you do this rebasing model, it unlocks a lot more composability across borrowing and lending and yield generation.”
Listen at 4:19
Base enables developers to build any financial application around tokenized stocks.
“we know that they now have a Turing complete, globally available supercomputer that they can build any financial application with them.”
Listen at 5:02
Tokenized stocks are open on Base for unrestricted application development.
“On the blockchain, on base, they're going to be fully open. You can build anything with them.”
Listen at 5:44
Base is currently the second-largest on-chain ecosystem after Ethereum.
“Base is now the second largest on-chain ecosystem in the world. After Ethereum, we just passed Solana.”
Listen at 10:57
Aerodrome will grow quickly as a tokenized-stock liquidity venue.
“I expect that to happen and them to grow pretty quickly on the stock side as well.”
Listen at 11:47
Base DeFi value will grow from roughly $5 billion to $100 billion and beyond.
“we're going to get to 10 and then 20 and then 50 and then 100 billion. And then I think much beyond that in the years ahead.”
Listen at 12:40
Crypto tokenized stocks are growing rapidly.
“crypto tokenized stocks are growing pretty quickly.”
Listen at 13:31
Tokenized-stock growth will accelerate.
“I think that that's just going to accelerate.”
Listen at 13:58
Tokenized stocks can expand Coinbase’s stock-offering customer base internationally.
“that can kind of grow the top of funnel for Coinbase in terms of how many people they can offer stocks to”
Listen at 20:07
Adding stocks monetizes neobanks through trading revenue as well as float.
“they're seeing that it's monetizing really well for them because now people are trading in their brokerage and they're not just monetizing float, they're actually monetizing trading.”
Listen at 22:21
Base is the best platform for neobanks becoming neobrokerages.
“if you are a new neobank and you want to become a neobrokerage, there's no better place to do that than BASE.”
Listen at 22:52
Crypto’s global financial system reduces new-product infrastructure complexity.
“it massively reduces the complexity in terms of what you need to be thinking about as a new product.”
Listen at 24:59
Crypto provides a globally usable decentralized banking rail.
“you now have a global decentralized banking rail that you can do anything with.”
Listen at 26:10
Price discovery will increasingly move on-chain into tokenized-stock markets.
“I expect that basically we're going to start to see price discovery move on chain into these tokenized stocks markets.”
Listen at 26:57
Base has strong product-market fit for trading, financing, and payments.
“we basically see that we have massive product market fit for trading, financing, which includes earned products and payments”
Listen at 28:03
Large businesses will continue adopting Base rails for trading, financing, and payments.
“you'll see continued adoption of the kind of head of that market where you just have big businesses that are integrating these rails to power trading, financing and payments.”
Listen at 30:00
Bringing all global currencies on-chain remains a major objective.
“how do we get all of the world's currencies on chain?”
Listen at 32:27
Non-dollar stablecoins can provide localized cash balances globally.
“you can basically offer the equivalent of like a cash balance in any country.”
Listen at 33:34
Portfolio infrastructure could enable borrowing 30–40% against asset holdings.
“you can borrow 30% against it or 40% against it and it just works out of the box.”
Listen at 36:11
Base can offer 4–5% yields through sufficiently liquid, low-risk loans.
“We can basically say, great, we have sufficiently liquid markets to deliver that. And it's going to be low risk because these are kind of like instantly liquidating loans.”
Listen at 36:53
Local stablecoin issuers can monetize float and offer free on-ramps.
“If you issue a local currency, you can also monetize the float. And so that means you can give away the on-ramps.”
Listen at 38:10
Base’s growing demand will lead Ethereum to provide more blob space.
“We would love more blob space. I think our demand is growing and I think Ethereum will want to meet that so that we can pay more.”
Listen at 46:52
Trading applications should be built on Base.
“if you're building trading use cases, we want you to build them on base.”
Listen at 47:44
Base will offer fast, cheap, specialized infrastructure for trading.
“it's going to be fast, it's going to be cheap, and we're going to give you the best special purpose infrastructure.”
Listen at 47:49
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.