Coinbase Closes Gap On Robinhood In Tokenised Stock Trading

Figures published by blockchain analytics platform Token Terminal on November 2 show Coinbase trailing Robinhood by just 0.6 percentage points, with the brokerage platform accounting for 27.3% of trading activity. The two companies collectively represent more than half of the weekly decentralised exchange (DEX) volume recorded across 18 tokenised stock issuers.

The findings highlight Coinbase's rapid expansion into blockchain-based equity trading following the launch of its tokenised securities offering in August. Despite entering the market relatively recently, the cryptocurrency exchange has established itself as one of the leading providers in a sector attracting growing interest from investors seeking round-the-clock access to traditional financial assets.

Coinbase And Robinhood Dominate Tokenised Stock Trading

Token Terminal recorded approximately $2.7 billion in weekly decentralised exchange trading volume across the 18 issuers included in its analysis. Coinbase's 26.7% market share represented approximately $721 million in trading activity, compared with around $737 million for Robinhood, leaving the two platforms separated by roughly $16 million.

The figures reflect an increasingly competitive market in which both companies have established substantial positions. Robinhood, which expanded into cryptocurrency services from its traditional stockbroking business, has maintained a narrow lead over Coinbase, whose established digital asset infrastructure has supported its entry into tokenised equities.

Trading figures for October demonstrate the scale of their competition, with Robinhood recording $2.61 billion in decentralised exchange volume compared with Coinbase's $2.49 billion. Although Robinhood finished the month ahead overall, Coinbase generated higher trading volumes during the second half of October, suggesting that activity involving its tokenised shares was strengthening towards the end of the period.

The exchange also recorded a daily trading volume milestone of $100 million earlier in October, reinforcing its growing presence in the market. With only 0.6 percentage points separating the two companies in the latest weekly rankings, relatively modest changes in trading activity could alter their positions.

Base Blockchain Supports Coinbase's Rapid Expansion

Coinbase launched its tokenised equities programme on August 24, introducing blockchain-based representations of major US-listed companies, including Nvidia, Apple, Meta and Alphabet. Each token is backed on a one-to-one basis by an underlying share held in regulated custody, allowing eligible investors to gain exposure to traditional equities through blockchain infrastructure.

The tokens operate on Base, the Ethereum layer-2 network developed by Coinbase, which supports decentralised financial applications and cryptocurrency transactions. By issuing tokenised securities on its own blockchain infrastructure, Coinbase can integrate equity-related trading activity into an existing ecosystem of decentralised exchanges, liquidity providers and financial protocols.

The strategy has delivered substantial trading volumes within a relatively short period. By October 29, cumulative decentralised exchange trading involving Coinbase-issued equity tokens had exceeded $4 billion, less than three months after the programme launched.

The offering is currently structured for eligible investors outside the United States, with the underlying shares held through regulated custody arrangements. This distinction is significant because the tokenisation of US-listed equities remains subject to different regulatory requirements depending on where products are issued and which investors can access them.

Coinbase's rapid expansion also illustrates the potential advantages of established cryptocurrency infrastructure when introducing new financial products. Rather than developing an entirely separate trading network, the company has been able to use Base and its existing decentralised finance ecosystem to support the distribution and trading of tokenised securities.

Tokenised Equity Trading Surpasses $10 Billion In October

The wider tokenised stock market has experienced substantial growth throughout 2026 as financial institutions and cryptocurrency businesses introduce blockchain-based alternatives to conventional share trading.

Across multiple blockchain networks and issuers, decentralised exchange trading volume reached approximately $10.3 billion during October, according to market data. Trading activity has also increased during weekends and public holidays, periods when conventional US stock exchanges are generally closed.

This availability represents one of the principal differences between tokenised equities and traditional brokerage accounts. Blockchain-based securities can be traded continuously on supported platforms, potentially allowing investors to respond to financial developments outside standard market hours without waiting for conventional exchanges to reopen.

However, round-the-clock access does not eliminate the risks associated with equity trading. Liquidity can vary considerably between trading sessions, while prices on decentralised exchanges may diverge from the underlying shares when traditional stock markets are closed. Investors must also consider the custody arrangements, regulatory protections and redemption mechanisms associated with individual tokenised securities.

The sector's expansion reflects increasing interest in real-world asset tokenisation, which involves representing conventional financial instruments and other assets through blockchain-based tokens. Alongside equities, the technology is being developed for government bonds, investment funds and other securities as financial companies explore new settlement and distribution systems.

Smaller Issuers Face Growing Competition

The latest rankings underline the concentration of trading activity among the market's largest participants. With Coinbase and Robinhood accounting for 54% of weekly decentralised exchange volume, the remaining 16 issuers collectively represent less than half of the activity measured by Token Terminal.

Smaller providers may face increasing pressure to differentiate their offerings through broader asset selection, lower transaction costs, additional blockchain compatibility or specialised financial services. The ability to attract liquidity will remain particularly important, as deeper trading markets can help reduce transaction costs and make tokenised securities more accessible to investors.

For Coinbase, continued growth in tokenised equity trading could also strengthen activity across Base, supporting its broader strategy of developing blockchain infrastructure for financial markets. Robinhood, meanwhile, remains a significant competitor as it expands its digital asset capabilities alongside its established retail investment services.

Although the latest figures place Coinbase narrowly behind Robinhood, the company's rise since August demonstrates how quickly competition within tokenised securities has developed. Further changes in market share will depend on trading demand, product availability, liquidity and the regulatory environment governing blockchain-based financial instruments.