Coinbase Launches Tokenized Stocks on Base With Apple and Nvidia
The first tokens track Apple, Nvidia, Meta, and Alphabet and can be traded outside the U.S. through Base. Coinbase ties the issuance to ADGM and custodian Alpaca.
Key Takeaways
- Coinbase is launching tokenized U.S. stocks on Base, with the first tokens for Apple, Nvidia, Meta, and Alphabet.
- The tokens are backed 1:1 by shares held at Alpaca and available to eligible investors outside the U.S.
- Coinbase processes dividends and stock splits in the tokens, which are tradable 24/7 on supported onchain venues.
Coinbase has started offering tokenized U.S. stocks on its Base blockchain. The crypto exchange is joining companies like Kraken and Binance, which are also trying to bring stock trading onchain.
Coinbase is building on a broader product lineup around traditional markets. Earlier, the company also expanded into derivatives and tokenized stocks to become less dependent on trading fees.
First Stocks on Base
The first tokens track four big U.S. names: Apple, Nvidia, Meta, and Alphabet. They are available to eligible investors outside the U.S. and, according to Coinbase, are backed 1:1 by shares held at Alpaca, a regulated broker and custodian.
Coinbase says the tokens were issued under the rules of Abu Dhabi Global Market, or ADGM. The company recently also set up its international tokenization hub there. According to Coinbase, more stocks will be added later, but the company has not given a timeline yet.
How the Tokens Work
The stock tokens are issued through Coinbase' B20 framework on Base. According to the company, each token gives a direct claim on the underlying share. Institutional market makers buy the shares, after which Alpaca holds them in a bankruptcy-remote structure under the supervision of ADGM's financial regulator.
Dividends and stock splits are also processed in the tokens. After minting, the tokens can move between wallets without a whitelist. Investors can keep them in a crypto wallet and trade them around the clock on supported onchain venues, including the decentralized exchange Aerodrome.
Why This Matters
The move fits into a broader trend in which more and more investment products are being put on blockchain networks. Banks and asset managers have already brought tens of billions of dollars in U.S. Treasuries, private credit, and funds onchain, while Citi previously estimated that tokenized securities could reach $5.5 trillion (€4.7 trillion) by 2030. For European crypto followers, this shows how quickly the line between traditional markets and crypto infrastructure is blurring.
