Coinbase captured 26.7% of weekly decentralized exchange volume across 18 issuers, trailing Robinhood by a sliver
Coinbase now ranks second among 18 tokenized stock issuers by weekly trading volume on decentralized exchanges. It holds a 26.7% share of that market, according to Token Terminal data published November 2, 2026.
The only issuer ahead of it is Robinhood, at 27.3%. In a field of 18, the gap at the top is roughly the width of a rounding error.
The numbers behind the race
Token Terminal tracked a total of $2.7 billion in weekly DEX trading across all tokenized stock issuers. Coinbase and Robinhood together accounted for more than half of it.
The monthly picture tells a similar story. In October 2026, Robinhood’s tokens traded $2.61 billion on DEXes, while Coinbase’s traded $2.49 billion.
Coinbase led over the latter half of October, which suggests momentum was moving in its direction as the month closed.
Coinbase’s tokens also set a single-day volume record of $100 million earlier in October.
How Coinbase got here so fast
Coinbase launched its tokenized equities program on August 24, 2026. The offering lets users trade 1:1 backed tokens of major US stocks, including Nvidia, Apple, Meta, and Alphabet.
These tokens run on Base, the Ethereum layer-2 network Coinbase operates.
By October 29, 2026, cumulative DEX volume for Coinbase-issued tokens had passed $4 billion. That figure accumulated in just over two months of trading.
A sector growing up quickly
The broader tokenized equities market has expanded rapidly throughout 2026. Across multiple chains and issuers, DEX trading volume in the sector reached $10.3 billion in October alone.
Monthly volumes have also averaged higher since June.
One notable pattern is when people are trading. Activity has increased during weekends and holidays, which fall outside traditional stock market hours.
That shift points to something tokenized stocks offer that a brokerage account typically cannot: the ability to react to news on a Saturday. If a major headline breaks over the weekend, a token holder can trade on it before Monday’s opening bell.
What this means for the tokenized stock market
The most immediate takeaway is that tokenized equities have become a contest between two of the biggest retail trading brands in the US. Coinbase came from the crypto side. Robinhood came from stock brokerage. Both now meet on decentralized exchanges.
For Coinbase specifically, its position is tied closely to Base. Every trade of a Coinbase-issued stock token on that network adds activity to its own infrastructure.
With a margin of just 0.6 percentage points separating first and second place in the weekly data, the top spot could flip on any given week.
The remaining 16 issuers face a tougher road. With two large platforms controlling more than half of weekly volume, smaller players may need to compete on asset selection, chain support, or cost to carve out meaningful share.
Coinbase entered in late August and was nearly tied for the lead by November, which says as much about the appetite for these products as it does about Coinbase itself.
