Banco Santander Tokenized Stock (SANc) is a Coinbase-issued token on Base that tracks Santander, one of Europe's largest banks. It lets eligible investors outside the United States hold banking exposure in a self-custody wallet and trade it after European and U.S. markets close. This guide explains how SANc works and how to buy it.
The table below summarizes the core parameters you should confirm before placing any order for SANc.
| Specification | Official Detail / Parameter |
|---|---|
| Asset Name & Symbol | Banco Santander, S.A. Tokenized Stock (Coinbase) (SANc) |
| Blockchain Network | Base (B20 token, ERC-20 compatible) |
| Verified Contract Address | 0xB20000000000000000000017BB66E9301E913A99 |
| Primary Active Exchanges | Aerodrome and other Base DEX routers |
| Required Trading Pair / Base Currency | USDC on Base, plus ETH on Base for gas |
| Recommended Non-Custodial Wallet | Trust Wallet, Base App, or MetaMask |
What Is Santander Tokenized Stock (SANc) and How Does It Work?
Banco Santander is a Spanish banking group with retail and commercial operations across Europe and the Americas. Its primary listing is on Spanish stock exchanges, and its American depositary receipts trade on the New York Stock Exchange under the ticker SAN. SANc brings that U.S.-listed exposure onchain.
SANc is one of the Coinbase Tokenized Stocks that went live on Base on August 24, 2026, with more companies added after the initial batch. It is not a synthetic contract. Coinbase and Base state that each token is backed 1:1 by securities held with Alpaca, a regulated custodian, in bankruptcy-remote custody apart from Coinbase.
Holders receive a beneficial claim rather than full legal ownership. Reporting on the offering prospectus notes there are no automatic voting rights. Dividends are reflected through an adjustment that leaves token balances unchanged. That matters for a bank stock like Santander, since dividend value shows up in the token's price rather than as new tokens.
Coinbase issues the tokens under Abu Dhabi Global Market (ADGM) regulation and offers them under Regulation S, so U.S. persons and other restricted investors cannot buy them. Institutional market makers mint and redeem tokens directly, while other users buy and sell them on onchain markets without a whitelist.
Where to Buy Santander Tokenized Stock (SANc): Exchanges and Trading Pairs
Coinbase tokenized stocks pair with USDC on Base. Aerodrome is the venue Base points to for liquidity, and DEX routers such as 0x, 1inch, KyberSwap, and CoW Swap can route trades as well. Base publishes the full list of tickers, contract addresses, and venues at base.org/stocks.
SANc has a modest but usable pool. At the time of writing, CoinMarketCap shows a price near $13.74, a market cap of about $40,860, and 2,974 SANc in circulation across 57 holders. Its liquidity-to-market-cap ratio of 179.34% implies around $73,300 in pool liquidity, with 24-hour volume of roughly $3,400.
The token's first days were chaotic. On October 16, 2026, CoinMarketCap recorded both an all-time low of $8.39 and an all-time high of $33.85. A range that wide in one day reflects a thin, newly opened pool rather than any real change in Santander's share price.
The three points below cover the market factors that most affect where and how you should buy SANc.
- Main Exchange: Aerodrome on Base hosts the main USDC liquidity for Coinbase tokenized stocks. Reach it from the venue links on base.org/stocks, and confirm both your wallet and Aerodrome are on Base before trading.
- Is the Liquidity Locked? Liquidity providers and market makers supply the pool, and there is no team lock to check. Liquidity can be withdrawn at any time, so review current depth and your price impact before confirming a trade.
- How to Spot Fake Tokens: Coinbase-issued stock tokens on Base all use contract addresses that begin with 0xB200. Other platforms issue their own tokenized stocks under different tickers and addresses, so always match the full SANc address.
How to Buy Santander Tokenized Stock (SANc): Step-by-Step Guide
The five steps below show how to buy SANc with USDC on Base. First confirm you are not a U.S. person or a resident of another jurisdiction where the tokens are restricted.
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Step 1: Set Up a Base-Compatible Wallet
Install a self-custody wallet that supports Base, such as Trust Wallet (listed by CoinMarketCap), Base App, or MetaMask, using only the official download page. Record your recovery phrase on paper, store it offline, and never type it into a website or share it.
Add Base and select it as your active network. Base addresses use the same format as Ethereum, but funds on each network are tracked separately. Custodial exchange accounts generally cannot connect to Aerodrome, so you need a wallet where you hold the keys.
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Step 2: Add USDC and ETH on Base
Purchase USDC on an exchange that supports Base, then withdraw it with Base chosen as the network. If you hold USDC on another chain, move it using a reputable bridge. Start with a small test transfer and confirm it arrives before sending more.
Add a small amount of ETH on Base too, since every approval and swap needs a gas fee in ETH. Base fees are typically low, but without ETH your transactions will fail. Keep some in reserve so you can sell or move SANc later.
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Step 3: Go to Aerodrome and Connect Your Wallet
Open base.org/stocks and follow its Aerodrome link, or type the Aerodrome address yourself. Avoid ads in search results, which often point to fake DeFi sites. Confirm the genuine domain appears in your address bar before you connect.
Click "Connect," pick your wallet, and approve the connection. Check that Aerodrome shows Base as the active network. Connecting simply shares your public address, and no funds can move until you approve a specific allowance or swap in your wallet.
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Step 4: Paste the Official SANc Contract Address
Choose USDC as the token you are paying with. In the receiving field, paste 0xB20000000000000000000017BB66E9301E913A99 instead of searching for "Santander," which may bring up unrelated tokens or tokenized stocks from other issuers with similar names.
Make sure the token displays as SANc and that its address starts with 0xB200. Compare it against base.org/stocks and CoinMarketCap character by character. If the ticker or any part of the address is different, stop and verify your source first.
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Step 5: Set Slippage and Swap USDC for SANc
Enter your USDC amount and review the quote and price impact. Compare the quoted price with Santander's latest NYSE price, since early SANc trading showed large deviations. Set slippage around 0.5% to 1%, and only raise it slightly if the swap fails.
Approve USDC if prompted, then click "Swap" and confirm in your wallet. Once complete, open the transaction on BaseScan and confirm the tokens came from the official SANc contract. Add SANc as a custom token if your wallet does not display it.
Is Santander Tokenized Stock (SANc) Safe? Risks to Know Before Buying
SANc combines 1:1 backing, regulated custody, and a large, well-known bank as the underlying company. That foundation is stronger than most crypto assets, but you still face Santander's stock risk and the extra risks of a thin onchain market that only recently opened.
The risks below are specific to SANc's profile as a tokenized European bank stock on Base.
- Low Liquidity and Price Swings: With 57 holders and about $3,400 in daily volume, SANc can trade well above or below Santander's NYSE price. Its one-day swing from $8.39 to $33.85 shows how far a thin pool can drift from fair value.
- Smart Contract Risks: According to published materials, Base and Spearbit reviewed the B20 standard. Your tokens still rely on the token contract, the DEX, and any lending protocol you use, and any of them could contain flaws.
- Risk of Losing Your Money: Bank shares react to interest rates, credit quality, and economic conditions in Europe and Latin America. SANc follows those moves and can also shift on weekends, when the NYSE and Spanish exchanges are closed but onchain pools remain open.
Trading outside market hours is part of the appeal, but it needs care. Chainlink feeds for these tokens update 24 hours a day, five days a week, and pause during corporate actions. On weekends, prices depend only on onchain traders, so quotes can gap when markets reopen on Monday.
Conclusion
Buying SANc involves setting up a Base wallet, adding USDC and a little ETH on Base, and swapping on Aerodrome using the contract 0xB20000000000000000000017BB66E9301E913A99. Check that address on base.org/stocks and CoinMarketCap first, and compare your quote with Santander's NYSE price before you confirm.
SANc gives eligible non-U.S. investors 1:1 backed exposure to a major European bank, tradable outside normal market hours. Its early price swings show how thin the onchain market still is, so keep orders small, watch for gaps, and remember it is closed to U.S. persons.
Frequently Asked Questions
The answers below cover the questions buyers most often ask before purchasing or holding SANc for the first time.
