Coinbase Stock Soars 3.48% on Tokenized Stocks Rollout

Coinbase's stock price surged by 3.48% after introducing tokenized versions of major U.S. stocks on its Ethereum Layer 2 network, Base.

The tokens are backed 1:1 by equities held with a regulated custodian and support on-chain dividends and stock splits.

Coinbase made available to eligible users outside the U.S. tokenized shares of Apple, Nvidia, Meta, and Alphabet.

The price is currently above its 20-day and 50-day moving averages but remains below the 200-day average at $197.88.