Reported deposits of tokenized Coinbase shares in Base’s decentralized finance ecosystem have surpassed $260 million, roughly 18 times the level at the start of 2026. The figure comes from a single report and has not been independently verified against onchain data. It refers to tokenized Coinbase shares deposited into DeFi protocols, rather than the total market value of all tokenized COIN or the value of the underlying stock. Depositing a tokenized share can make it usable as collateral, liquidity or a yield-generating asset, but exposes holders to smart-contract, liquidity, equity-price, issuer, custodian and regulatory risks. The development adds to broader tokenized-equity activity on Base, where tokenized U.S. stocks have generated $1.5 billion in 30-day decentralized-exchange volume and previously exceeded $100 million in daily volume. Regulatory treatment remains unsettled, although SEC policy signals have pointed toward a clearer framework, while Coinbase is also pursuing U.S. single-stock perpetuals and expanding U.S. equity access to U.K. users.