# Jesse Pollak Sees Tokenized Equities Driving Blockchain’s Next Cycle

By Sonny Jang

Canonical URL: https://www.tokenpost.com/news/people/29114
Published: 2026-10-09T15:42:20.000Z
Updated: 2026-10-09T15:42:20.000Z
Section: People

> The Base creator said non-dollar stablecoins could expand blockchain finance beyond dollar-denominated markets as tokenized-stock activity grows.

Jesse Pollak, creator of Coinbase’s Base network, said tokenized equities and stablecoins tied to currencies other than the U.S. dollar could lead blockchain’s next growth cycle as financial products expand beyond dollar markets.

“What’s missing is all of the non-dollar currencies,” Pollak said in an interview at Token2049 Singapore.

Pollak said tokenized stocks on Base were generating about $70 million to $100 million in daily trading volume. He did not specify a measurement date or methodology for the figure.

Coinbase announced June 16, 2026, that it planned to offer tokenized stocks to non-U.S. customers. The products would be backed 1:1 by their underlying assets and include dividend and shareholder rights.

Base said Sept. 1, 2026, that Coinbase-issued tokenized stocks were live on the network for eligible non-U.S. users. Base does not issue the products; Coinbase is the issuer.

Pollak put the tokenized-equity market at about $400 million in September 2025 and $3.3 billion in September 2026. A separate measure placed tokenized-stock supply at $3.1665 billion on Sept. 28, 2026, up 395% from $639.47 million a year earlier.

Tokenized real-world assets exceeded $34 billion as of Sept. 30, 2026, at 9 a.m. ET (1300 UTC). Tokenized stocks represented 8% of that market and accounted for 93% of on-chain trading activity in data covering transactions through Aug. 31.

On-chain equity activity also included derivatives that do not represent ownership of shares. Spot equity volume reached $12.6 billion in August 2026, while equity perpetual volume reached $72.4 billion. Decentralized equity perpetual markets held about $3.3 billion in open interest on Sept. 28, compared with roughly $3.16 billion in tokenized-stock supply.

Perpetual contracts provide exposure to equity prices without representing ownership of the underlying shares. Their activity therefore measures broader blockchain-based equity trading rather than tokenized stock ownership alone.

Base has identified local-currency stablecoins as a priority for payments and tokenized local assets. More than 20 stablecoins have launched on the network.

Pollak’s view is that dollar-backed stablecoins already dominate crypto markets, while tokens tied to other currencies could support payments, foreign-exchange activity and tokenized assets in additional markets.