Jesse Pollak, the creator and head of Coinbase’s Base network, has outlined his vision for the next significant wave in cryptocurrency, one that he believes will not be driven by new memecoins. Speaking at Token2049 in Singapore on October 7, 2026, Pollak asserted that the forthcoming tokenization supercycle will hinge on two key pillars: tokenized equities and non-dollar stablecoins.
His rationale is straightforward: as nations continue to utilize their own currencies, the on-chain economy will necessitate digital assets that mirror these local monetary systems. Pollak envisions this supercycle unfolding along two parallel paths. The first involves local-currency stablecoins, which he anticipates will facilitate everyday payments and transactions within individuals’ home currencies.
The second path centers on tokenized U.S. equities. These are digital tokens designed to represent actual shares of publicly traded companies, enabling them to be traded on a blockchain. This is not merely a theoretical concept discussed in a keynote address. Base is already providing tokenized U.S. stocks to its users, lending tangible weight to Pollak’s prediction.
In August 2026, Coinbase launched 1:1-backed tokenized equities on the Base network. The initial offerings included digital representations of shares for prominent companies such as Nvidia, Meta, Apple, and Google. The designation “1:1-backed” is crucial, signifying that each token is intended to correspond directly to an actual underlying share, rather than acting as a synthetic derivative based on price movements.
A significant advantage of these tokens is their 24/7 tradability, a stark contrast to traditional stock markets, which operate on set business hours and close on weekends. Blockchains, by their nature, are always active.
Tokenized Equities on Base
Base manages corporate actions, such as stock splits, through on-chain multipliers and Chainlink oracles, bypassing the need for physical share transfers. Oracles are services that relay real-world data to a blockchain. In this context, an oracle informs the token contract when an event like a stock split occurs. Instead of distributing new shares to all holders, the system updates a numerical value that reflects the current underlying stock ownership represented by the token.
As of early October 2026, daily spot trading volume for tokenized equities on Base reportedly surpassed $100 million, with its market share described as experiencing growth.
Lending and Future Developments
Pollak also highlighted lending as a subsequent development. The concept involves portfolio-backed borrowing, where users would pledge their tokenized equity holdings as collateral to borrow stablecoins. Pollak is targeting an estimated loan-to-value ratio of 30-40% for this service. In practical terms, an individual holding a portfolio of tokenized equities could borrow an amount equivalent to roughly one-third of its value in stablecoins.
Base operates as Coinbase’s Ethereum Layer-2 network. A Layer-2 solution is a separate blockchain built on top of Ethereum, designed to enhance transaction speed and reduce costs while still leveraging Ethereum’s robust security.
Pollak characterized the strategic shift towards tokenized assets as a pivot for Base. The network was initially focused on consumer applications and social features but is now reorienting towards building financial infrastructure. This move also intensifies Base’s competition with other entities actively pursuing the tokenization of assets, including established players like Robinhood and Kraken.
For investors, the most tangible implication is the transition of tokenized equities from pilot programs to fully-fledged products. The reported daily spot trading volume exceeding $100 million indicates a demand that extends beyond a small group of early adopters. The 1:1 backing model is likely to be a critical factor for larger institutional investors, who typically prioritize the direct linkage to real shares—verifiable by auditors—over the convenience of 24/7 trading.
Several questions remain open. The reliance on oracles introduces a dependency on external data, making the reliability of services like Chainlink a key component of the trust framework for these products. Furthermore, lending against volatile equities inherently carries liquidation risk, which likely explains the conservative loan-to-value ratio being targeted.
