Coinbase Launches Tokenized Stocks on Its Base Blockchain for Non-US Users

Coinbase Brings Stocks to Blockchain via Tokenized Assets

Coinbase has launched tokenized versions of four major U.S. stocks—Nvidia, Apple, Meta, and Alphabet—on its Base blockchain. These tokens allow eligible users outside the United States to hold and trade shares directly in a self-custodial crypto wallet, without needing a traditional brokerage account.

The tokens, named NVDAc, AAPLc, METAc, and GOOGLc, represent the underlying stocks on a 1:1 basis. They went live on August 24, 2026, and are available for trading on decentralized exchanges (DEXs) and lending platforms built on Base.

How the Tokenized Stocks Work

Each token is backed by actual shares of the company, held in custody by Alpaca Securities, a U.S.-registered broker-dealer. Coinbase’s Abu Dhabi-based subsidiary, Coinbase Onchain SPV Ltd, issues the tokens and ensures they remain tied to the value of the underlying stocks.

The tokens trade 24/7 on Base, but their pricing data is updated only during U.S. market hours (24/5) via Chainlink, a blockchain oracle service. This means the tokens can still be traded over weekends, but their value may not reflect real-time stock prices until markets reopen.

Key Details of the Launch

• Four stocks available: Nvidia (NVDAc), Apple (AAPLc), Meta (METAc), and Alphabet (GOOGLc).
• Total value of tokens minted: ~$4.55 million on the first day.
• Decentralized exchange (DEX) liquidity: ~$3.06 million.
• 24-hour trading volume: ~$10.8 million.
• NVDAc had the highest demand, with 6,794 tokens issued and 1,745 holders.
• Fees: 0.01% to create tokens, 0.05% to redeem them.
• Dividends: Subject to a 5% distribution fee before withholding taxes.

Where and How Users Can Trade

The tokens are supported by around 50 apps on Base, including lending platforms like Aave and Morpho, DEXs like Aerodrome, and trading tools like 0x and 1inch. Aerodrome holds the largest liquidity pools for these tokens, with nearly $1 million in liquidity for NVDAc alone.

Users must complete Know Your Customer (KYC) checks to mint or redeem tokens, but secondary trading is permissionless. The tokens are not available to U.S. residents due to regulatory restrictions.

What Is Confirmed About the Tokenized Stocks

• Coinbase is the issuer, and the tokens are backed 1:1 by real shares held by Alpaca Securities.
• The tokens trade on Base, Coinbase’s blockchain, and are supported by multiple DeFi platforms.
• Pricing is provided by Chainlink oracles, which update during U.S. market hours.
• Token holders do not have direct voting rights in the underlying companies.
• The tokens are subject to transfer restrictions and can be frozen or blacklisted if sent to prohibited jurisdictions.

What Remains Unclear

• Whether Coinbase will expand the selection of tokenized stocks beyond the initial four.
• If or when U.S. users will gain access, as Coinbase has previously sought SEC approval for domestic offerings.
• How corporate actions like stock splits or dividends will be handled for token holders over weekends when pricing feeds are frozen.

Why This Matters for Crypto Users

Tokenized stocks bridge traditional finance and crypto by allowing users to trade shares on a blockchain. This means:

• No need for a brokerage account to hold or trade these stocks.
• Access to U.S. stocks for non-U.S. users without traditional banking barriers.
• Integration with DeFi platforms, enabling lending, borrowing, and trading with these assets.

The launch also highlights the growing market for tokenized assets, which has reached $2.48 billion in total value, with Coinbase now competing alongside Binance and Ondo Finance in this space.

Sources

• The Defiant
• Chainlink Announcement
• NVDA Prospectus (FSRA)