Coinbase Base Tokens Hit 46.7K Holders, $26.5M Equity Supply
Coinbase's tokenized stock experiment on Base has attracted significant attention, with over 46,700 asset holders and an estimated $26.5 million in tokenized equity supply.
The exchange launched its suite of on-chain equities in late August with four heavyweight US stocks: Nvidia (NVDAc), Apple (AAPLc), Meta, and Alphabet. By September 4, the lineup had nearly tripled to ten tokenized equities available on Base, including Amazon, Microsoft, Tesla, SpaceX, SanDisk, and Strategy.
The tokens use Coinbase's proprietary B20 standard, which allows for fractional ownership and represents a direct 1:1 claim on actual underlying shares held by regulated custodian Alpaca. Token holders don't automatically receive voting rights attached to the underlying equities but maintain beneficial ownership claims on the shares themselves.
The structure of the tokenized stocks is designed to be bankruptcy-remote, meaning that if any single party in the chain goes under, the underlying shares should theoretically remain protected and claimable by token holders. This setup provides 24/7 trading availability on decentralized exchanges like Aerodrome, a genuine differentiator from traditional stock markets.