Coinbase launches tokenized stocks on Base with $228m volume
USDC (USDC)
Editor:
Eugene Serbin
Cryptobriefing.com reports that Coinbase is applying its USDC playbook to tokenized equities on its Base network. Starting August 24, the exchange launched 1:1-backed tokens for Nvidia, Apple, Meta, and Alphabet, denoted with a c suffix. These tokens represent actual equity held in regulated custody by Alpaca under Abu Dhabi Global Market oversight.
Within the first month, cumulative DEX volume for these assets surpassed $228 million, with daily volumes reaching roughly $100 million. CEO Brian Armstrong describes the structure as true ownership, distinguishing it from the synthetic price exposure offered by FTX and Binance. The tokens utilize Coinbase’s proprietary B20 standard, allowing compatibility with DeFi protocols like Aave and Morpho for collateral and automatic dividend distribution.
On September 4, the offering expanded to include Amazon, Microsoft, Tesla, SpaceX, SanDisk, and MasterCard. This initiative supports Coinbase’s goal to become an everything exchange, though the initial Reg S structure excludes US persons. Competitors like Kraken and Robinhood are also developing similar tokenized stock solutions.
How the market reacted
Whalio's own Binance spot order flow for USDC, measured when this story was written up on 12 September 2026. Not the outlet's figures.
USDC trades at $1.00 with a 24-hour buy ratio of 50.5%, indicating a balanced market over the longer term. However, the 1-hour buy ratio drops to 45.5%, suggesting short-term selling pressure has emerged after earlier buying. The 4-hour buy ratio sits at 55.8%, showing that buying interest was stronger in the immediate past hour than it is now. Volume delta reflects this shift, turning negative at -$2,893,149 for the hour compared to a positive +$10,428,609 over four hours. A positive volume delta indicates net buying, while a negative figure signals net selling. The 24-hour cumulative volume delta remains positive at +$3,572,143, confirming that buyers have dominated the full day despite recent weakness.
The latest daily buy ratio of 50.2% sits at the 73rd percentile of the last 322 days, against a median of 48.4% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for USDC, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 49.5%, making the current 24-hour reading of 50.5% slightly higher by 1.0 point. Spot volume for the day was $3,295,280,669, which is 1.13 times the weekly average, indicating unusually high trading activity. While the weekly volume delta totaled -$202,786,189, today’s positive 24-hour delta of +$3,572,143 shows a reversal from the broader weekly trend. Net buying occurred on only 2 of the past 7 days, suggesting this is an unusual day of sustained buying. The price remains unchanged at 0.0% over eight days despite the volume spike.