# Coinbase Stock Tokens Show Thin Liquidity Despite $1 Billion Volume

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/24299
Published: 2026-09-26T00:36:53.000Z
Updated: 2026-09-26T00:36:53.000Z
Section: Investing

> A Sept. 23 test found simulated $100,000 sell orders received estimates 0.06% to 0.71% below KyberSwap’s estimated token values on Base.

Coinbase-issued stock tokens on Base recorded approximately $1.02 billion in cumulative trading volume, but a Sept. 23 routing test showed that larger simulated sell orders produced discounts of up to 0.71% to KyberSwap’s estimated token values.

The test covered 10 stock tokens and simulated buy-and-sell routes worth about $100,000 for each one. Estimated proceeds from selling were 0.06% to 0.71% below the tokens’ estimated values, while simulated $10,000 orders showed gaps of 0.01% to 0.12%.

The pool balances and routing estimates were collected at 4 a.m. ET (08:00 UTC) and about two minutes later. The later routing data was captured between 08:02:01 and 08:02:42 UTC. The estimates did not represent completed trades, excluded gas fees and did not involve a blockchain transaction.

Ten core Aerodrome stock-token/USDC pools held about $12.97 million in combined balances. Individual pools ranged from approximately $818,700 for MSFTc to about $2.11 million for NVDAc.

Those balances included both stock tokens and USDC, so the combined figure does not show how much capital could absorb sell orders within a specific price range. The tokens’ combined market capitalization was about $19.82 million, while cumulative volume stood at approximately $1.02 billion. The community-built dashboard used for those figures may contain omissions.

Cumulative volume reflects transactions accumulated over time rather than funds immediately available to buy tokens. The tokens can trade around the clock, including when U.S. stock markets are closed, with secondary-market liquidity supplied primarily through Aerodrome pools and liquidity providers.

When U.S. markets are closed, Chainlink stock-price oracles maintain the previous trading session’s price. The token’s immediate trading price is instead determined by secondary-market liquidity, creating a difference between the token market and the underlying stocks.

Primary minting and redemption of the stock tokens are limited to authorized participants. Ordinary token holders cannot directly exchange the tokens for the underlying stocks.

Liquidity providers can withdraw funds if incentives or governance votes shift toward other assets. Providers who stake positions to receive AERO emissions may forgo direct trading fees, while early launch incentives also included USDC distributions. Trading fees and AERO emissions are separate pool incentives, and receiving one does not establish that a provider receives both.

The routing test showed that a simulated $100,000 order could receive a quote even in relatively small pools. It did not establish how much liquidity would remain if multiple holders sold at once or if liquidity providers changed their positions while U.S. markets were closed.