Coinbase’s tokenized stocks business is seeing about $20 million a week, according to John D’Agostino, head of strategy at Coinbase Institutional, who said the figure is still growing.
D’Agostino made the comment on the Bits + Bips podcast in an episode recorded Monday, Oct. 19. He said the number covered the period since 「our launch a few weeks ago」, but he did not specify what the weekly figure represented. It was not clear whether he was referring to newly created tokens, trading volume, net deposits, or another measure, and he did not identify the exact weeks included.
In the same response, D’Agostino brought up Binance, which operates its own tokenized stock product. 「Binance has a bigger headstart on us, is doing multiples of that,」 he said. He did not say which Binance metric he was using for the comparison.
D’Agostino also described demand for tokenized U.S. equities as extremely strong among people who cannot open a brokerage account, calling it 「almost insatiable, endless demand」. Earlier in the conversation, he said Coinbase was seeing 「good pickup」 for its tokenized equities offering in the United Arab Emirates.
Coinbase’s product on Base
Coinbase’s tokenized stocks went live on Base, the company’s Ethereum layer-2 network, on Aug. 24.
The tokens are issued out of Abu Dhabi Global Market, where Coinbase won a license in August. They are not available to U.S. persons.
Blockworks Data counted more than $12 million in tokenized equities traded on Base on launch day, with nearly all of that activity coming from Coinbase’s program.
Base creator Jesse Pollak said at Token2049 in Singapore this month that tokenized stocks on Base were trading at about $70 million to $100 million a day.
Binance’s earlier start
Binance said on Oct. 15 that its bStocks product had passed $1 billion in assets under management about four months after its June 11 debut, citing Dune data. The company also said cumulative trading volume had topped $40 billion.
Unchained previously reported that rwa.xyz data ranked bStocks first among tokenized stock platforms.
According to Binance’s release, bStocks has averaged more than $300 million in daily trading volume since launch. The company also said bStocks accounted for more than 90% of weekly on-chain tokenized stock transfers at its early-August peak.
Pollak also said that 50 stocks were listed on Base by early October, with 250 expected by the end of the month.