Coinbase tokenizes Apple, Nvidia, Meta, and Alphabet shares on Base for non-U.S. traders. Each token represents one share held by Alpaca Securities under ADGM rules.
Coinbase has started issuing blockchain-based versions of major U.S. equities on its Base network, starting with Apple, Nvidia, Meta, and Alphabet shares.
Access is limited to qualified participants outside the United States. The exchange said it plans to add more stocks in the coming weeks.
Each token represents one share of the underlying equity. Alpaca Securities, a registered broker and custodian, holds the actual shares in a bankruptcy-remote structure, Coinbase said.
Token creation falls under Abu Dhabi Global Market rules. Coinbase set up its global tokenization hub in Abu Dhabi this year.
The company uses its B20 infrastructure to mint tokens directly on Base, its layer-2 blockchain. Corporate actions like dividends and stock splits automatically adjust token values, Coinbase said.
Holders keep custody of tokens in their own wallets and can trade around the clock, unlike traditional equity markets with fixed hours. Tokens transfer freely between wallets without needing approval. They also work with decentralized finance applications built on Base.
A user could deposit tokenized Nvidia shares as collateral to borrow on Aave, for example. Tokenized Apple shares could go into a trading pool on Aerodrome.
Coinbase is using Chainlink to provide live price feeds for on-chain equities. Chainlink calculates token prices by combining the stock's market price with a Coinbase adjustment factor that accounts for dividends and corporate actions.
Total market value for tokenized equities across all platforms is about $2.48 billion, up 5.2% in the past 30 days, according to RWA.xyz. Monthly trading volume reached $27.28 billion. More than 2.1 million wallet addresses hold tokenized equities.
The broader tokenization sector now includes Treasury bonds and private debt. Citi analysts have said tokenized securities could reach $5.5 trillion in value by 2030.
Coinbase joins Kraken and Binance in the race to offer blockchain-based stock trading. NVDA, the stock behind the Nvidia token, has an Alpha Score of 68 out of 100 at AlphaScala, rated Moderate.
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