Coinbase Tokenized Stocks Hit $100M in Volume; First Zcash ETF and Strategy Yield Goes DeFi

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by Ben Spiegelman, Head of Institutional at Base, to break down Coinbase's newly launched tokenized stocks. Zach Pandl, Head of Research at Grayscale, unpacks the debut of the first-ever Zcash ETF. Plus, Solstice CEO Ben Nadareski explains strcUSX, a Solana-based product that splits the economics of Strategy's STRC preferred into senior and junior tranches. - Learn more at bullish.com. - Register now for CoinDesk's Policy and Regulation event on September 22, 2026: policy-regulation.coindesk.com. - To get market-moving news delivered daily, download CoinDesk's mobile app: linktr.ee/coindeskapp. - Chapters/Timecodes: 00:00 Welcome to Public Keys 00:24 Coinbase Brings Tokenized Stocks to Base 00:44 Base's Ben Spiegelman Joins Public Keys 01:02 What Makes Coinbase's Tokenized Stocks Different 03:26 The Killer DeFi Use Case: Borrowing Against Your Stocks 04:11 The CLARITY Act and a Future US Launch 05:24 Trading, Financing, and Payments on Base 07:04 What Still Gives Institutions Pause On-Chain 09:15 ETF Flows: Bitcoin and Ether Cool After a Record August 10:04 Grayscale's Zach Pandl on a Healing Crypto Market 11:13 What Happens If the CLARITY Act Doesn't Pass 12:18 'Recktember' and the Q4 Bitcoin Outlook 13:42 The First-Ever Zcash ETF and the Privacy Thesis 15:47 Scarcity vs. Privacy: What's Driving Zcash 17:10 Institutional vs. Retail Demand for the Zcash ETF 19:04 Solstice's Ben Nadareski and Strategy's STRC on Solana 20:38 Inside strcUSX: Senior and Junior Tranches 21:40 Building on Strategy's Platform 23:19 Why Solstice Built on Solana 25:30 The Institutional DeFi Adoption Curve