Base Creator Jesse Pollak Says Tokenized Equities and Non-Dollar Stablecoins Will Lead Next Tokenization Wave

Jesse Pollak says tokenized equities and non-dollar stablecoins are the next big tokenization drivers

Jesse Pollak, the creator of Base, a layer 2 blockchain that runs on Ethereum and lowers transaction costs, said in an interview with The Block that tokenized equities and non-dollar stablecoins will lead the next wave of tokenization. The remarks came at the Token2049 conference in Singapore on October 9, 2026.

Pollak framed tokenized U.S. and global equities as the strongest driver of the coming tokenization push. He also pointed to non-dollar stablecoins as a category that has not yet received enough attention.

Key numbers Pollak shared

• Tokenized equities circulating supply grew roughly eight times in 12 months, from about $400 million in September 2025 to $3.3 billion in September 2026, according to Pollak.
• Coinbase launched tokenized stocks on Base six weeks ago. Pollak said daily trading volume is about $70 million to $100 million, with 50 stocks currently listed and 250 expected by the end of the month.
• Base currently offers 32 stablecoins across 21 currencies, including the euro, Canadian dollar, Nigerian naira, and Indonesian rupiah.
• Over 99% of stablecoin supply is pegged to the U.S. dollar. The Block's data shows Japanese yen and sterling stablecoins have been expanding their share among non-dollar stablecoins.

Base's three focus areas: trading, payments, and financing

Pollak said Base stopped selling generic blockspace and is now specialized around three areas: trading, payments, and financing. On trading, the plan for 2027 is to make it easier for businesses to route trades through a simple interface or API, and to improve how decentralized exchanges, proprietary market makers, and central limit order books operate on-chain.

On payments, Base plans to expand into machine payments, working with Cloudflare to build capacity for a million transactions per second. On financing, Pollak said Base will accelerate growth in what he called the fastest-growing financing market in the world by providing easier APIs and improving chain infrastructure.

He also said that Base sees agentic payments as cutting across all three focus areas, stating that finance will be largely agentically driven over the next one to two years.

Pollak on non-dollar stablecoins

Pollak argued that while the dollar will remain in high demand, countries will stay sovereign and people will continue to spend in local currencies. He said fintechs in those regions could move to stablecoin rails as the underlying backend without end users even noticing the change. South Korea, Hong Kong, and Brazil are among regions advancing local currency stablecoin initiatives.

Pollak on Blast and Abstract winddowns

On October 2, Blast, another Ethereum layer 2, announced it would shut down because costs exceeded revenue and told users to leave by October 26. Shortly after, Abstract, backed by Pudgy Penguins, announced it would close on December 15, after parent company Igloo spent 18 months and lost tens of millions of dollars on the consumer chain.

Pollak rejected the idea that these shutdowns end the era of layer 2 experimentation. He said chains need a differentiated product and a distribution strategy, and that not every one will succeed. "Chains are businesses in lots of ways. Not all businesses are going to work," Pollak said.

What is confirmed

The following are supported by the source material: Coinbase launched tokenized stocks on Base six weeks ago. Pollak stated that tokenized equities supply grew from roughly $400 million to $3.3 billion over 12 months. Base offers 32 stablecoins across 21 currencies. Blast is winding down by October 26. Abstract is shutting down on December 15. These figures and statements come from Pollak's interview and The Block's reporting.

Why this matters for crypto and tokenization

The shift toward tokenized equities gives traders access to traditional stock markets through blockchain-based representations of shares that trade 24/7 and can be sent to anyone. Pollak said tokenized equities offer a better experience than traditional trading because they are always available and instantly sellable. For stablecoins, the move toward non-dollar currencies could help local fintechs transition to blockchain rails without requiring users to change their daily habits.

Sources

• The Block — Base creator Jesse Pollak says equities and non-dollar stablecoins will lead upcoming 'tokenization supercycle'

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