Coinbase has launched tokenized stocks on Base, its Ethereum layer-two network, with Apple, Nvidia, Meta, and Alphabet in the first lineup. Each token is backed one-for-one by a real share held in regulated, bankruptcy-remote custody through Alpaca, a broker supervised by Abu Dhabi Global Market authorities. The assets are issued under the B20 token standard, and Coinbase says the holder has a beneficial claim on the underlying share while the token can sit in a self-custodial wallet and move across the Base ecosystem.
That changes the market structure around these assets. Instead of existing only inside a brokerage account during fixed trading hours, tokenized stocks can, in principle, trade around the clock onchain and plug into DeFi tools. Coinbase also says the tokens are built to reflect dividends, splits, and other corporate actions.
But there are limits. The product is available only to eligible non-U.S. users, and access depends on jurisdiction and compliance status. For now, Coinbase has brought familiar tech stocks onchain and opened a new test of whether tokenized equities can gain real traction on Base.