CoinDesk
Coinbase said Tuesday it will launch tokenized U.S. stocks backed one-for-one by the underlying equities, letting users own, trade, hold and redeem the securities on a blockchain while collecting dividends automatically. The exchange framed the products as true equity ownership rather than the derivative or synthetic structures that dominate most existing tokenized stock offerings.
"For the first time, these are real 1:1 backed tokenized stocks you can trust," CEO Brian Armstrong said in a statement. "You own an actual piece of the company onchain." Coinbase said the rollout will begin in eligible jurisdictions outside the U.S., with no launch date confirmed beyond "coming soon." The announcement came ahead of a broader Coinbase product event scheduled for 3 p.m. ET Tuesday.
Why it matters
The move positions Coinbase against a fast-crowding field. Kraken already offers tokenized U.S. stocks to customers in more than 180 countries through its xStocks platform, Robinhood has announced plans for tokenized equities in Europe, and Gemini, Bybit and others are exploring similar products. On the traditional side, BlackRock, Franklin Templeton, JPMorgan and Citi have all been expanding tokenized fund and asset offerings — Citi has projected the tokenized securities market could grow into the multitrillion-dollar range by the end of the decade.
The structural distinction Coinbase is leaning on is direct ownership versus synthetic exposure. Armstrong argued existing tokenized stock solutions are "some form of derivative or IOU — not real ownership," and said Coinbase's product will deliver "all the benefits of true ownership (e.g. dividend upside), with all the benefits of tokenized assets." For non-U.S. investors, that pitch is meant to remove the friction of opening foreign brokerage accounts and navigating local restrictions to access U.S. equities.
Market impact
Tokenization has been one of the fastest-growing corners of the digital asset industry, with supporters pointing to faster settlement, lower costs and 24/7 trading.
Frequently asked questions
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What did Coinbase announce about tokenized stocks?
Coinbase said it will launch tokenized U.S. equities backed one-for-one by the underlying shares, allowing users to own, trade, hold and redeem them onchain while automatically receiving dividends. The products will debut in eligible jurisdictions outside the U.S. on a date yet to be announced.
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How is Coinbase's product different from existing tokenized stock offerings?
CEO Brian Armstrong argued that most existing tokenized stock products are structured as derivatives or IOUs rather than direct ownership. Coinbase's pitch is that users will hold actual equity in the underlying company and receive dividend upside, not a synthetic exposure.
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Who else is offering tokenized U.S. stocks?
Kraken already offers tokenized U.S. stocks to customers in more than 180 countries via its xStocks platform, Robinhood has announced plans for tokenized equities in Europe, and Gemini and Bybit are exploring similar products. BlackRock, Franklin Templeton, JPMorgan and Citi have also been expanding tokenized fund and…
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Why are tokenized stocks gaining momentum?
Supporters say tokenization can shorten settlement times, lower costs and allow 24/7 trading, while giving non-U.S. investors easier access to U.S. equities without foreign brokerage accounts. Citi has projected the tokenized securities market could reach multitrillion-dollar scale by the end of the decade.
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What does the latest market data show about tokenization demand?
Real-world-asset perpetual futures volumes hit a new all-time high in May, rising 10.4% even as combined crypto exchange volumes fell 3.45% to $4.41 trillion — the lowest monthly print since September 2024. The divergence suggests capital is rotating into tokenized RWAs rather than exiting the digital asset space.
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