The crypto exchange is starting with tokenized versions of Apple, Nvidia, Meta and Alphabet, issued under its new Abu Dhabi framework.
- Coinbase launched tokenized U.S. stocks on its Base chain, starting with Apple, Nvidia, Meta and Alphabet shares for investors outside the U.S..
- The tokens are backed by underlying shares held by custodian Alpaca and can trade around the clock on eligible onchain venues.
- The rollout follows Coinbase's move to establish its international tokenization hub in Abu Dhabi, where regulators recently cleared the company to arrange and custody tokenized securities.
Coinbase
The rollout starts with some of the biggest names in the U.S. market: Apple (AAPL), Nvidia (NVDA), Meta (META) and Alphabet (GOOGL). The tokens are available to eligible investors outside the U.S. and represent shares held 1:1 with Alpaca, a regulated broker and custodian, according to a Base blog post.
The stock tokens are issued under Abu Dhabi Global Market (ADGM) regulation, where Coinbase recently established its international tokenization hub.
Coinbase said more stocks will follow the initial batch.
The rollout comes as tokenization is gathering steam across asset classes. Banks and asset managers have already moved tens of billions of dollars of U.S. Treasuries, private credit and investment funds onchain, RWA.xyz data shows. The potential market is sizable: Citi has projected that tokenized securities could reach $5.5 trillion by 2030.
Tokenizing public stocks is increasingly in the pipeline for companies, with crypto exchanges, fintech firms and traditional market operators exploring ways to enable equities to trade and settle on blockchain networks.
Tokenized stocks don't all work the same way, and what sits behind the token and what rights they offer to holders have become an important dividing line as more products hit the market.
Coinbase said it issues corresponding tokens on Base using its B20 framework, with each token representing a direct claim on the underlying stock. Institutional market makers buy the shares, which are then held by Alpaca in a bankruptcy-remote structure supervised by ADGM’s financial regulator.
Dividends and stock splits are also reflected in the tokens. Once minted, they can move between wallets without a whitelist, according to Coinbase.
Investors can hold the tokens in self-custody wallets and trade them around the clock on supported onchain venues, including decentralized exchange Aerodrome. Because they are blockchain-based tokens, they can also plug into decentralized finance applications, potentially allowing investors to borrow against their stocks or use them in other onchain markets.
Coinbase tapped Chainlink
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Facts Only
* Coinbase launched tokenized U.S. stocks on its Base chain.
* The initial stocks include Apple (AAPL), Nvidia (NVDA), Meta (META), and Alphabet (GOOGL).
* The tokens are issued under the Abu Dhabi Global Market (ADGM) regulation framework.
* The tokens are backed by underlying shares held by custodian Alpaca.
* The rollout targets investors outside the U.S.
* Coinbase established an international tokenization hub in Abu Dhabi.
* Tokenization involves corresponding tokens on Base using Coinbase's B20 framework.
* Institutional market makers buy the shares, which are held by Alpaca under ADGM supervision.
* Tokens reflect dividends and stock splits and can move between wallets without a whitelist.
* Investors can hold tokens in self-custody wallets and trade them on venues like Aerodrome.
Executive Summary
Coinbase has launched tokenized versions of U.S. stocks for investors outside the United States on its Base network, starting with Apple, Nvidia, Meta, and Alphabet shares. These tokens are backed by underlying shares held by custodian Alpaca and can be traded continuously across eligible onchain venues. This rollout follows Coinbase's establishment of an international tokenization hub in Abu Dhabi, which received regulatory clearance for arranging and custodying tokenized securities. The initial batch of tokens represents 1:1 shares held with Alpaca, which operates as a regulated broker and custodian under the oversight of ADGM regulation.
The movement towards tokenization is part of a broader trend where banks and asset managers are already moving significant amounts of assets like U.S. Treasuries and private credit onchain. This development suggests an increasing effort by crypto exchanges, fintech firms, and traditional market operators to enable equities to trade and settle on blockchain networks. The framework allows for tokenized stocks to reflect dividends and stock splits, enabling wallet-to-wallet movement without restrictions. Furthermore, these tokens can integrate with decentralized finance applications, potentially allowing investors access to onchain lending or other financial products.
Full Take
The emergence of tokenized equities represents a structural shift in asset management, moving traditional ownership representation onto decentralized ledger technology. The framework leverages existing regulated entities (Alpaca) within a specific regulatory jurisdiction (ADGM) to bridge the gap between traditional finance and blockchain infrastructure. This introduces a complex layer where regulatory oversight, backed by established custodianship models, intersects with the permissionless nature of onchain trading environments like Base.
The pattern observed is the incremental digitization of asset settlement, moving from regulated central repositories to distributed token representations. The potential implication lies in redefining ownership semantics—where rights are embedded in the token rather than external registry entries—and in democratizing access to secondary market activities through DeFi integration. However, the reliance on a specific regulatory hub like ADGM for issuance and custody highlights an ongoing tension between decentralized innovation and centralized governance requirements. Further inquiry is needed into how this structure scales, manages jurisdictional arbitrage across evolving token standards, and impacts broader systemic stability as RWA tokenization matures beyond public equities.