Coinbase Tokenized Stocks Go Live on Base for Eligible Users Outside the U.S.
Key Takeaways
- •Coinbase-issued tokenized stocks are now live on Base for eligible users outside the United States, beginning with fractional shares of Apple and Nvidia.
- •Each token represents a real share held by regulated broker and custodian Alpaca, giving holders a direct claim on the underlying equity rather than a price-tracking derivative.
- •The tokens run on Coinbase's B20 token standard, which processes dividends and stock splits without changing token balances or disrupting DeFi positions.
- •Eligible users can hold the tokens in self-custody wallets, trade them on Aerodrome, or use them as collateral on the decentralized lending protocol Aave.
- •Base plans to add more Coinbase-issued stocks and other real-world assets in the coming weeks, following Robinhood's recent launch of its own layer-2 network featuring tokenized stocks.
Base, the Ethereum layer-2 network built by Coinbase, announced on Monday that Coinbase-issued tokenized stocks are now live on the blockchain for eligible users outside the United States. The initial rollout consists of fractional shares of Apple and Nvidia.
In a post on X, the Base team said each token represents a share held by Alpaca, a regulated broker and custodian. Rather than a derivative tied to a stock's price, the tokens give holders a direct claim on the underlying share.
"If you hold the token, you hold a direct claim on the share," the team wrote. "Coinbase Tokenized Stocks are the real deal."
Eligible users can keep the tokens in self-custody wallets, trade them on Aerodrome, or use them as collateral on the decentralized lending protocol Aave. The tokens can also be deployed in liquidity pools, automated portfolios, indexes, and derivatives.
The tokenized stocks run on Coinbase's B20 token standard, which processes dividends and stock splits without changing token balances or disrupting DeFi positions. Availability varies by jurisdiction and may be subject to identity checks and other restrictions.
"Markets shouldn't sleep," the team wrote. "Tokenized stocks can trade across always-on AMM pools, so users can react to an earnings call at 3am, a macro event, or weekend news, instead of trading hours designed for a pre-internet era."
Coinbase first unveiled the plans in June, describing tokenized stocks backed 1:1, meaning each token would represent a real share held in custody, with dividends paid automatically. The products had been expected to reach non-U.S. users in July.
Tokenized stocks have gained traction as crypto platforms move traditional equities on-chain. Last month, Robinhood launched its own layer-2 network, Robinhood Chain, with tokenized stocks among its first offerings.
Base said more Coinbase-issued stocks and other real-world assets will be added in the coming weeks, extending the rollout beyond the initial Apple and Nvidia listings and giving an early look at how public blockchains may be used for equity-linked products and other financial assets. The announcement also adds to a growing set of venue-level efforts to combine regulated custody, token standards, and DeFi distribution on Ethereum-compatible networks.
"The financial system is being rebuilt onchain, and the builders on Base are the ones making it happen," the team wrote.
