Base's Jesse Pollak pitches a tokenized-equities 'supercycle' — with most of the numbers coming from Base

Jesse Pollak, creator of Coinbase's Base Layer 2, used an interview with The Block at Token2049 Singapore to argue that the next leg of tokenization will be led by two things: tokenized equities and stablecoins pegged to currencies other than the dollar.

"It's equities. U.S. and global equities. We already did dollars," Pollak told The Block. His pitch for tokenized stocks is a familiar one — 24/7 trading, instant settlement, global access, and the ability to "send them to anyone." He said Coinbase launched tokenized stocks on Base six weeks ago, and offered the early numbers himself: roughly $70 million to $100 million in daily trading volume, 50 stocks listed now, and 250 expected by the end of the month.

On the broader category, Pollak cited an eightfold rise in circulating supply of tokenized equities over 12 months — from about $400 million in September 2025 to $3.3 billion "last month." He did not name the source for those figures in the interview.

Non-dollar stablecoins are his second bet. Pollak said Base currently offers 32 stablecoins across 21 currencies, including the euro, Canadian dollar, Nigerian naira and Indonesian rupiah, and expects fintechs in local markets to move onto stablecoin rails "without people even really having to know about it." He conceded the category will grow more slowly than tokenized equities. The Block's own data put the context plainly: over 99% of stablecoin supply today is dollar-pegged, though yen- and sterling-pegged tokens have gained share among the non-dollar minority, with South Korea, Hong Kong and Brazil advancing local-currency initiatives.

Pollak also addressed the recent shutdowns of two Ethereum L2s. Blast announced on Oct. 2 that it would wind down — costs exceeding revenue — and told users to exit by Oct. 26. Days later, Pudgy Penguins-backed Abstract said it will close on Dec. 15 after parent Igloo spent 18 months and, in its telling, "tens of millions of dollars." Pollak declined to read the closures as the end of L2 experimentation: "Chains are businesses in lots of ways. Not all businesses are going to work."

Key facts

• Tokenized-stock daily volume on Base: ~$70M–$100M; 50 stocks listed, 250 expected by end of October — per Pollak, The Block.
• Tokenized-equity circulating supply: ~$400M (Sept 2025) to $3.3B ("last month"), an 8x rise — per Pollak, The Block; source for figures unstated.
• Base offers 32 stablecoins across 21 currencies; >99% of all stablecoin supply remains dollar-pegged — The Block.
• Blast winding down (exit by Oct. 26, announced Oct. 2); Abstract closing Dec. 15 — The Block.

The real-world read

Pollak runs Base and is a Coinbase executive; nearly every bullish number here — the volumes, the stock counts, the 8x supply growth — comes from him, about products his company sells, delivered from a conference stage. Treat them as an interested party's figures, not independently verified data. Note the framing gap: he cites a "supercycle" and an eightfold rise while glossing that his own non-dollar push is, by his own admission, the slower bet, and that 99%-plus of stablecoins are still dollars. The one hard, non-promotional datapoint in the picture cuts the other way — two L2s just shut down in a single week, which Pollak waved off as the cost of doing business. Absolute size for Base's tokenized-stock market, fees, and who's actually trading went unmentioned.

Not financial advice.

Sources

• The Block (Oct. 9, 2026) — interview with Jesse Pollak at Token2049 Singapore; provided all Pollak quotes and the volume/supply/stablecoin figures, plus the Blast and Abstract shutdown details. The commercial claims originate with Pollak, a Base creator and Coinbase executive, and should be read as such.