Coinbase has launched tokenized versions of four U.S. technology stocks on Base, its Ethereum layer-2 network, opening on-chain access to the assets for eligible users outside the United States.

The initial lineup consists of tokens tracking Nvidia, Apple, Meta, and Alphabet — four of the largest U.S. companies by market value. Each token is backed 1:1 by underlying shares held by Alpaca Securities, an SEC-registered broker-dealer, while Coinbase's Abu Dhabi-based on-chain entity serves as the issuer.

Early activity following the launch was reported at about $4.5 million worth of the four tokens minted soon after the offering went live, alongside roughly $3 million in decentralized exchange liquidity and $10.8 million in 24-hour trading volume. Aerodrome, Base's largest decentralized exchange, already holds the deepest liquidity pool for the listed networks as of this writing.

The tokens trade 24/7 — continuous access that conventional U.S. equity markets, which run roughly 6.5-hour weekday sessions, do not offer — while the Chainlink price feeds that support them operate 24/5 and incorporate dividend and stock-split adjustments, meaning weekend trades proceed without live reference prices. Coinbase has integrated the assets across a growing Base ecosystem that includes DeFi lending protocols such as AAVE, Morpho, and Euler, as well as trading and liquidity platforms, letting the tokens move through on-chain markets that conventional brokerage-held shares cannot reach.

The launch marks another step toward bringing traditional financial assets onto public blockchains, while also highlighting the regulatory divide between on-chain markets and U.S. securities rules. The structure itself reflects that divide: on-chain issuance through an Abu Dhabi entity, share custody with a U.S. SEC-registered broker-dealer, and exclusion of U.S. users from the offering.

Tokenized public equities have grown into a $2.48 billion market with more than 2 million holders and $27.3 billion in monthly transfer volume, according to rwa.xyz data. Coinbase now joins a growing group of platforms offering tokenized equities, including Ondo, Backed, and Binance.

An August 25 post from BitKE on X detailed the growth of Binance's comparable offering:

Direct stocks on Binance Reached $1 Billion in Assets Under Management (AUM) Within 30 Days of Launch

#bStocks, tokenized 1:1 U.S. securities on Binance that trade 24/7, crossed $100 million in AUM within 2 weeks of launch. 47% of bStocks trading volume takes place outside U.S.… pic.twitter.com/gogmLni1QI

— BitKE (@BitcoinKE), August 25, 2026 (x.com/BitcoinKE/status/2092141004384051568)

Binance's 30-day climb to $1 billion in AUM provides an early benchmark for how quickly on-chain stock offerings can attract assets, and a comparison point for tracking adoption of Coinbase's version on Base.

The broader significance of the rollout is that Coinbase is using Base not simply as a crypto trading network, but increasingly as infrastructure for bringing traditional financial assets, markets, and liquidity on-chain.