Ondo USD

Coinbase's tokenized US equities have crossed $1 billion in decentralized exchange volume on its Base network in roughly one month, a milestone the Base team announced on X on September 19, 2026, though the figure is vendor-sourced data from Base itself and the volume is strictly for non-US persons. The activity validates the B20 standard, a native ERC-20-compatible format launched on August 24, 2026 and built on Rust precompiles to handle compliance policies and pausable functions; tokenized stock spot DEX volume on Base has surged approximately 830% month-over-month, with Aerodrome, the Base-native DEX, accounting for roughly 85% of that activity, or about $852.7 million. Coinbase's model relies on direct 1:1 share ownership through Alpaca Securities as a regulated broker-custodian under the Abu Dhabi Global Market framework, giving token holders actual shareholder rights including dividends and voting, subject to eligibility, and it launched with DeFi integrations from day one including Aave, Morpho, Euler, 0x, 1inch, CoW Swap, and Wasabi. The SEC issued an Innovation Exemption, Press Release 2026-90, on September 17, 2026, a five-year conditional relief for tokenized NMS stocks that unlocks the US market provided tokenized stocks offer the same rights as the underlying securities and trading venues operate under permissioned access with OFAC compliance, and Coinbase Institutional said the framework to bring the same regulated onchain market infrastructure onshore just got clearer. Coinbase is not first to tokenize equities: Kraken's xStocks boasts $25 billion in cumulative volume, largely centralized-exchange-matched rather than on-chain DEX volume, Ondo Global Markets holds a $638 million total value locked and roughly a 58% share of the issuer market, and Binance's bStocks has reached $610 million in assets under management in just two months, while the total tokenized public equities market now sits at approximately $2.48 billion. Chainlink Data Feeds provide the pricing backbone with 24/5 continuous feeds, a 0.5% deviation threshold and 24-hour heartbeats reporting Total Return Values that account for dividends, even as Nasdaq, NYSE, and Cboe push back against tokenized equities over liquidity fragmentation and degraded price discovery during the 16 hours of overnight trading that on-chain markets enable, and SIFMA pushes for formal SEC rulemaking rather than exemptions.