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What Token Terminal’s $20.07M DeFi Figure Says About Coinbase’s Tokenized Stocks
Token Terminal’s Oct. 17 figures put $20.07 million of Coinbase issued tokenized stocks in Base DeFi, or about 56% of their $35.93 million market value.
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Key takeaways
- Token Terminal’s Oct. 17 figures put $20.07 million of Coinbase issued tokenized stocks in Base DeFi, or about 56% of their $35.93 million market value.
- On Aave V4, seven Coinbase stock tokens can serve as collateral for USDC loans; the tokens themselves are not available to borrow.
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openai.comCreate a landscape editorial hero image for this Studio Global article: What does Token Terminal’s Oct. 17 data reveal about Coinbase-issued tokenized stocks on Base—including the $20.07 million of their $35.93 m. Article summary: Token Terminal’s Oct. 17 figures show substantial DeFi use of Coinbase-issued stocks on Base: $20.07 million of $35.93 million outstanding, or 55.9%, chiefly on Aerodrome and Aave, consistent with their integration into . Topic tags: general, general web, user generated, documentation. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks,
Token Terminal’s Oct. 17 post reported that $20.07 million of Coinbase-issued tokenized stocks—about 55.9% of their $35.93 million market value—was deposited in Base DeFi apps, led by Aerodrome and Aave. The figures suggest that using the tokens in DeFi is a substantial part of their current onchain footprint, not just a planned feature. 15
Why the $20.07M and $262.4M figures differ
Coinfomania reported the same $20.07 million figure and the same $35.93 million market value. 10 But another report put tokenized-stock deposits at $262.4 million, while a headline repeated by aggregators described $262 million as Coinbase tokenized stocks in DeFi.
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Those numbers are too far apart to treat as the same measurement without more detail about scope, assets counted and timing. The available sources do not explain the discrepancy, so the $262.4 million figure should not be substituted for Token Terminal’s issuer-specific Oct. 17 Base figures—or confidently dismissed as a scope error. The clearest reading of the Oct. 17 Token Terminal post remains $20.07 million out of $35.93 million for Coinbase-issued stocks on Base. 15
What DeFi use means in practice
The deposit figure reflects tokens placed in DeFi applications; it is not the same as the total market value of the stocks represented, trading volume or new investment. Token Terminal said the tokens were designed to work with DeFi apps from launch, and identified Aerodrome and Aave as the leading apps by use. 15
Aave V4’s Equities Hub on Base gives that integration a lending use: eligible users can deposit tokens tied to Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla as collateral to borrow USDC. 5 The tokens are collateral in this setup; Aave’s launch coverage says borrowing the stock tokens themselves is not enabled.
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Token Terminal separately reported $4.9 million of Coinbase-issued tokenized stocks deposited into Aave V4 over 17 days. That is evidence of deposits into the lending market, though it does not by itself establish how much borrowing occurred or how easily users could sell the tokens. 14
Backing and access are separate questions
Base describes Coinbase’s tokenized stocks as backed one-to-one by shares held in regulated custody, and says the tokens are usable across Base DeFi. 45 Aave and its launch coverage say the product is available only in eligible jurisdictions outside the United States.
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11 That eligibility limit matters: onchain availability does not mean the tokens can be used by everyone everywhere.
The practical takeaway is narrower than either a broad adoption claim or a market-wide headline: Token Terminal’s Oct. 17 data show a high share of Coinbase’s reported token value deposited in Base DeFi, and Aave offers a specific collateral use. The available sources do not resolve how the separate $262.4 million report relates to those issuer-specific figures.
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What is the short answer to "What Token Terminal’s $20.07M DeFi Figure Says About Coinbase’s Tokenized Stocks"?
Token Terminal’s Oct. 17 figures put $20.07 million of Coinbase issued tokenized stocks in Base DeFi, or about 56% of their $35.93 million market value.
What are the key points to validate first?
Token Terminal’s Oct. 17 figures put $20.07 million of Coinbase issued tokenized stocks in Base DeFi, or about 56% of their $35.93 million market value. On Aave V4, seven Coinbase stock tokens can serve as collateral for USDC loans; the tokens themselves are not available to borrow.