CoinDesk
Apple, Nvidia, Meta and Alphabet are the first four U.S. stocks Coinbase is putting on Base for eligible investors outside the United States. Each token represents a 1:1 direct claim on the underlying share, held by Alpaca, a regulated broker and custodian. The tokens are issued under Abu Dhabi Global Market (ADGM) regulation. Investors can hold them in self-custody wallets and trade around the clock on supported onchain venues, including Aerodrome.
Why it matters
Coinbase established its international tokenization hub in Abu Dhabi after regulators cleared it to arrange and custody tokenized securities. RWA.xyz counts tens of billions of dollars in tokenized U.S. Treasuries, private credit and investment funds, while Citi projects tokenized securities could reach $5.5 trillion by 2030.
Coinbase says its B20 framework issues a corresponding token for each share, with dividends and stock splits reflected. Institutional market makers buy the shares, and Alpaca holds them in a bankruptcy-remote structure supervised by ADGM's financial regulator. That backing and the rights attached to each token are key dividing lines across the market.
Market impact
Base gives equity exposure a route into DeFi. Eligible holders could borrow against the stocks or use them in other onchain markets, while minted tokens can move between wallets without a whitelist.
Coinbase said more stocks will follow. The launch connects regulated custody, self-custody and 24/7 trading, giving Base a new real-world-asset use case as investors test how tokenized equities work across traditional and onchain markets.
Frequently asked questions
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Which stocks are in Coinbase's initial Base rollout?
The first four are Apple, Nvidia, Meta and Alphabet. The initial tokens are available to eligible investors outside the United States.
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How are the tokenized stocks backed?
Each token represents a 1:1 direct claim on the underlying share. Alpaca, a regulated broker and custodian, holds the shares in a bankruptcy-remote structure supervised by ADGM's financial regulator.
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What happens to dividends and stock splits?
Coinbase says its B20 framework reflects dividends and stock splits in the corresponding tokens. Investors can hold the tokens in self-custody wallets.
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Where can the tokens trade, and can they enter DeFi?
They can trade around the clock on supported onchain venues, including Aerodrome, and can move between wallets without a whitelist once minted. Eligible holders could borrow against the stocks or use them in other onchain markets.
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How large is the market Coinbase is entering?
RWA.xyz counts tens of billions of dollars in tokenized U.S. Treasuries, private credit and investment funds. Citi projects tokenized securities could reach $5.5 trillion by 2030, and Coinbase says more stocks will follow.
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