Coinbase Launches Tokenized Stocks On Base

Coinbase’s tokenized US equities went live on Base on Monday, putting four technology stocks onchain as transferable tokens that eligible users outside the United States can hold in a self-custodial wallet, with no brokerage account required.

Coinbase is issuing the assets, running the chain they settle on, and operating one of the venues where they trade. The Base listings page names about 50 apps supporting the tokens at launch, including Aave, Morpho and Euler for lending, Aerodrome for spot liquidity, 0x and 1inch for routing, and Wasabi for perpetuals and options.

NVDAc, METAc, AAPLc and GOOGLc track Nvidia, Meta, Apple and Alphabet. Their combined onchain value was about $4.55 million late Monday, against roughly $3.06 million of decentralized exchange liquidity and $10.8 million of 24-hour volume, according to DEX Screener data. NVDAc, the largest, had 6,794.49 tokens outstanding and 1,745 holders, BaseScan shows.

Pricing held close to the underlying. NVDAc changed hands at $208.51 against Nvidia’s $208.48 close, AAPLc at $311.23 against Apple’s $310.34, and METAc at $558.50 against Meta’s $559.02.

Aerodrome Takes The Flow

Aerodrome holds the deepest pool for each of the four tokens, with $957,307 behind NVDAc and between $619,000 and $669,000 behind the others. AERO traded at $0.5334 late Monday, up 11.3% on the day and 29% over the week, on $94.3 million of volume. The DEX holds $265.8 million in total value locked against a $522 million market capitalization.

Base itself carries $5.49 billion in TVL, fourth among all chains behind Ethereum, BNB Chain and Solana.

Feeds Freeze, Tokens Don’t

Coinbase named Chainlink the official oracle for the product. The feeds publish total return values, which fold in dividend and split adjustments, in place of raw equity prices.

Those feeds run 24/5 and freeze during corporate actions, while the tokens trade 24/7. Base’s own documentation tells integrators to read the updatedAt field and “apply staleness bounds before relying on the price; never settle or liquidate against a frozen feed.” A lending market that ignores the instruction would be marking weekend collateral to Friday’s close.

“Base has built one of the most vibrant DeFi ecosystems out there, and Chainlink’s oracle infra unlocks new utility for tokenized assets,” said Antonio Garcia-Martinez, Head of Growth at Base, in the announcement.

Alpaca Holds The Shares

The issuer is Coinbase Onchain SPV Ltd, incorporated in Abu Dhabi Global Market on June 17, 2026 as a subsidiary of Onchain Marketplace Holdings Limited, itself owned by Coinbase Global. Coinbase won its FSRA permission for the tokenization hub earlier this month and first described the 1:1 structure in June.

Alpaca Securities LLC, an SEC-registered broker-dealer, buys and custodies the underlying shares in segregated accounts, according to the NVDA prospectus filed with the FSRA. The SPV holds them as bare trustee for token holders under a deed of trust.

Creation costs 1 basis point of the invested amount and redemption 5 basis points. Dividends carry a 5% distribution fee on gross value before the 30% US withholding rate applied to non-US persons. Minting and redemption are limited to KYC-onboarded Authorized Participants; secondary trading is permissionless.

The prospectus also warns that “one B20 token does not permanently equal one share.” A multiplier scales each token’s claim as dividends are reinvested and splits are applied, so raw balances stay fixed while the underlying entitlement moves.

Unvested Means No Vote

Token holders have no direct vote in the underlying company. The SPV may pass along instructions, but only from what the prospectus calls Vested Holders, the subset registered in the legal register after clearing KYC and AML checks. Unvested holders cannot vote and cannot redeem, and the vesting conditions can change after purchase.

Ondo Finance took the opposite approach in April, wiring shareholder voting into more than 250 tokenized stocks through Broadridge.

Transfer restrictions are written into the contracts. The tokens are offered under Regulation S, are unavailable to US persons, and the tokenization entity can freeze or blacklist wallets that end up in prohibited jurisdictions. The B20 contracts are precompiles on Base, so every integrator shares one implementation, audited by Base and Spearbit with Cantina and HackerOne bug bounty coverage.

Crowded At $2.5 Billion

Tokenized public equities are a $2.48 billion market, up 5.18% over 30 days, with 2.12 million holders and $27.28 billion in monthly transfer volume, rwa.xyz data shows. Ondo leads with $872.7 million across 406 assets, followed by Backed’s xStocks at $588 million and Binance’s bStocks at $552.7 million. The sector crossed $2.3 billion in mid-July after nearly doubling since March.

Coinbase enters with four tickers and says more are coming. Its US customers still cannot buy any of them; the exchange asked the SEC for relief to offer tokenized equities domestically in June 2025.

COIN shares closed Monday at $179.48, down 3.76%, within a 52-week range of $139.11 to $402.16.