John D’Agostino said on Bits + Bips that Coinbase is seeing “roughly $20 million a week” in its tokenized stocks business, a number he called “growing.”
D’Agostino, head of strategy at Coinbase Institutional, said in the episode, recorded Monday, Oct. 19, that the figure covered the stretch “since our launch a few weeks ago.” He also brought up Binance, which runs its own tokenized stock product. “Binance has a bigger headstart on us, is doing multiples of that,” he said. In the same answer, he described “almost insatiable, endless demand for US equities” in tokenized form among people who can’t open a brokerage account.
He did not specify what the weekly figure measures, such as new tokens created, trading volume or net deposits, or which weeks it covers.
Earlier in the conversation, D’Agostino said Coinbase was “seeing good pickup on our tokenized equities offering out in the UAE.”
Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter.
Coinbase’s Product on Base
Coinbase’s tokenized stocks went live on Base, its Ethereum layer 2 network, on Aug. 24. The tokens are issued out of Abu Dhabi Global Market, where Coinbase won a license in August, and they are not available to US persons.
Blockworks Data counted more than $12 million in tokenized equities traded on Base on launch day, nearly all of it from Coinbase’s program. Base creator Jesse Pollak said at Token2049 in Singapore this month that tokenized stocks on Base were trading about $70 million to $100 million a day.
Binance’s Head Start
Binance announced on Oct. 15 that its bStocks had passed $1 billion in assets under management about four months after their June 11 debut, citing Dune data, along with more than $40 billion in cumulative trading volume. Unchained reported that rwa.xyz data ranked bStocks first among tokenized stock platforms. The release put bStocks trading at an average of more than $300 million a day since launch and said bStocks made up more than 90% of weekly on-chain tokenized stock transfers at their early-August peak. D’Agostino did not say which Binance measure he was comparing against.
Pollak said 50 stocks were listed on Base by early October, with 250 expected by the end of the month.
Related Listen: Why Crypto Is Holding Up as the AI Trade Starts to Crack
The post Coinbase’s Tokenized Stocks Are Seeing About $20 Million a Week, According to John D’Agostino appeared first on Unchained.