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Uniswap Dominates Coinbase Stock Token Deposits on Base Network
Uniswap has emerged as the leading decentralized exchange (DEX) for Coinbase-issued stock tokens on the Base network, holding over 98% of all deposits. Currently, DeFi venues on Base contain approximately $960,300 worth of these tokenized equities, with Uniswap accounting for $943,200 of that total, leaving just $17,100 distributed among other protocols.
Coinbase's B20-standard tokenized US stocks allow fractional ownership of shares in major companies such as Apple, Nvidia, Meta, and Alphabet. These tokens are available exclusively to eligible non-US users and can be traded continuously, independent of traditional stock market hours. Each token is fully backed by real shares held by broker-custodian Alpaca, ensuring a secure and regulated structure under the Abu Dhabi Global Market.
Despite being a launch partner, Aerodrome has captured only a small fraction of deposits, while lending protocols like Aave, Morpho, and Euler focus on different functionalities. The current deposit figures highlight Uniswap's dominance in the market, as it significantly outpaces its competitors in attracting liquidity for tokenized stocks. The regulatory framework and custodial measures in place aim to build trust among institutional and retail users outside the US, although the restriction on US investors remains a challenge for broader adoption.
Source: KLEA News