Base sees tokenized equities, non-dollar stablecoins leading next crypto growth cycle

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Base: tokenized equities & stablecoins

Highlights

Coinbase's Base network supports 32 stablecoins across 21 currencies and recently launched tokenized stocks on Base with $70 million to $100 million daily trading volume.
Jesse Pollak forecasts tokenized equities and non-dollar stablecoins will drive the next 'tokenization supercycle,' citing growing regional fintech adoption and local currency payment rails.
Japanese yen and sterling-pegged stablecoins are increasing non-dollar market share as jurisdictions like South Korea, Hong Kong and Brazil push local currency stablecoin initiatives.

Base strategy centers on equities and local currencies

The Block reports that Jesse Pollak, creator of Coinbase's Base Layer 2 network, says tokenized equities and non-dollar stablecoins will lead a coming "tokenization supercycle." Speaking in an interview at Token2049 Singapore, Pollak says equities, both in the U.S. and globally, stand out as the next large opportunity after dollar-linked products.

Pollak says demand for the dollar is likely to remain strong, but argues that countries will continue to operate in their own currencies and consumers will keep spending locally. He says that creates room for stablecoin infrastructure tied to non-dollar currencies, especially as financial technology companies in regional markets move backend payment rails onto stablecoins without requiring end users to engage directly with crypto tools.

Base currently offers 32 stablecoins across 21 currencies, including the euro, the Canadian dollar, the Nigerian naira and the Indonesian rupiah. The summary of Pollak's remarks also says Coinbase launched tokenized stocks on Base six weeks ago, with about $70 million to $100 million in daily trading volume.

Regional stablecoin efforts and chain competition

More than 99% of the stablecoin supply today is pegged to the U.S. dollar, but data cited by The Block show that Japanese yen and sterling-pegged tokens are expanding their share of the non-dollar segment. Pollak's comments come as jurisdictions including South Korea, Hong Kong and Brazil advance initiatives tied to local currency-based stablecoins.

Pollak also says success in blockchain infrastructure depends on offering a differentiated product alongside an effective distribution strategy, warning that not every chain will succeed. Referring to other projects, he says he respects teams that tried to innovate even when their models did not work, adding that chains operate like businesses and that some failures are part of the market's normal cycle.

J.P. Morgan’s plan to establish a merchant bank in Nigeria highlighted rising optimism among major global institutions about the country’s economic outlook and policy stability. Our earlier coverage noted that a local merchant banking presence could help channel more capital into Nigeria, broaden access to financial services, and support corporate financing, potentially encouraging further institutional expansion in West Africa.

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