Jesse Pollak, creator of Coinbase's Base blockchain, disclosed that tokenized stocks launched on Base six weeks ago are already generating $70 to $100 million in daily trading volume, a rate he views as early evidence of a broader tokenization supercycle. Pollak also flagged non-dollar stablecoins as a key growth area, suggesting the next wave of tokenization extends beyond U.S.-centric asset classes.
For Armada's crypto repo desk, the Base tokenized equity volumes indicate that institutional and retail market makers are actively trading these instruments. If tokenized equities achieve sufficient liquidity and regulatory clarity, they could eventually serve as repo collateral, expanding Armada's collateral menu. Market makers active on Base are also a natural counterparty segment for crypto repo, and Armada should evaluate whether they match the firm's institutional counterparty criteria.