Base creator Jesse Pollak predicts a tokenization supercycle led by tokenized equities

Tokenization SuperCycle Predicted by Coinbase Base Creator

Introduction

Jesse Pollak, the creator and head of Coinbase's Base network, has predicted a tokenization supercycle. This shift is driven by countries keeping their own currencies, requiring an on-chain economy with matching money.

The Prediction

Pollak framed the supercycle around two parallel tracks. On one side are local-currency stablecoins, which handle everyday payments and transactions in people's home currencies. On the other side are tokenized US equities, digital tokens that track real shares of public companies and can trade on a blockchain.

The Product Behind the Prediction

In August 2026, Coinbase introduced 1:1-backed tokenized equities on Base. The initial lineup included tickers for Nvidia, Meta, Apple, and Google.

Market Demand

As of early October 2026, daily spot trading volume for tokenized equities on Base reportedly exceeded $100 million, with market share described as increasing.

Lending and Borrowing

Pollak also pointed to lending as a next step. The idea is portfolio-backed borrowing: users would put up their tokenized equity holdings as collateral and borrow stablecoins against them. The estimated loan-to-value ratio Pollak is targeting for this is 30-40%.

Pivot for Base

Base is Coinbase's Ethereum Layer-2 network. A Layer-2 is a separate blockchain that runs on top of Ethereum to make transactions faster and cheaper while still leaning on Ethereum for security.

Competition and Implications

The move puts Base in more direct competition with other players chasing tokenized assets. Robinhood and Kraken are both active in the space. For investors, the most concrete takeaway is that tokenized equities are moving from pilot to product.

Open Questions

There are open questions. Oracles introduce a dependency on external data, so the reliability of systems like Chainlink becomes part of the trust model for these products. Lending against volatile equities also carries liquidation risk, which is presumably why the targeted loan-to-value range is modest.