Coinbase-issued tokenized equities generated $227.7 million in decentralized-exchange volume on Base over roughly 30 days after launching Aug. 24, with daily volume peaking above $33 million. Aerodrome handled $176 million, or 77% of activity, and Uniswap v4 recorded $45.4 million. The tokens represent 1:1-backed shares of Nvidia, Apple, Meta and Alphabet, held in regulated custody by Alpaca under Base’s B20 standard, and are available only to eligible non-U.S. users.