Coinbase Enters Tokenized Stock Market with Layer-2 Launch
On August 28, 2026, Coinbase launched tokenized equities on its layer-2 network Base. According to the launch announcement, a Coinbase Tokenized Stock is a real share that you actually own, onchain. Authorized participants, which are institutional market makers, buy the shares. Those shares go to Alpaca, a regulated broker and custodian, in a bankruptcy-remote structure supervised by Abu Dhabi Global Market's (ADGM) regulatory authority.
If you hold the token, you hold a direct claim on the share. Coinbase Tokenized Stocks are built on the company's previously announced B20 standard. The first batch includes four stocks: NVIDIA (NVDAc), Meta (METAc), Apple (AAPLc), and Alphabet (GOOGLc). In total, about $7.5m worth of share supply in these four stocks currently exists on Base.
Coinbase has created contracts for 13 stocks in total, but only those four have any circulating supply. The others are AMZN, COIN, CIRCL, INTC, MSFT, MSTR, SNDK, SPCX, and TSLA. These tokenized stocks are not accessible to Americans, though with a VPN they can be accessed through the Uniswap or Aerodrome frontends.
Coinbase also announced that it is allowing its tokenized stocks to be used as collateral in Aave on Base. This move continues the march towards tokenizing stocks, although the activity remains offshore for now.