Coinbase Pushes Real-Share Model for Tokenized Stocks

Coinbase CEO Brian Armstrong is pushing for a real-share model in tokenized stocks, which would give investors direct ownership rights rather than just tracking stock prices. This approach was outlined by Armstrong on X as Coinbase expands its blockchain-based access to US equities for customers outside the US.

Under this model, underlying shares would be held in custody while tokens could include redemption and dividend features. Coinbase has already launched Base-native tokens linked to Apple, Nvidia, Meta, and Alphabet in August using the B20 token standard with tickers AAPLc, NVDAc, METAc, and GOOGLc.

However, it's worth noting that these tokens do not give holders direct ownership of the underlying companies. Coinbase Onchain SPV issues the tokens while Alpaca Securities holds the corresponding shares, meaning legal ownership remains with the trust rather than token holders.