Coinbase Tokenized Stocks Soar 9697% in One Month
Coinbase's tokenized stocks are gaining traction according to CEO Brian Armstrong. In an update on Monday, he said that holders of Coinbase-issued stocks on the Base blockchain have seen a significant increase in value, with a 9,697% jump in just one month.
The growth is largely driven by interest in tokenized versions of popular stocks such as NVIDIA Corp. (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL) and Tesla Inc. (NASDAQ:TSLA). These digital tokens represent a direct claim on the underlying traditional stock, held by a regulated custodian.
One key benefit of tokenized stocks is that they can be used as collateral for on-chain loans, unlike traditional stocks. Coinbase's ambitions extend beyond publicly traded stocks, with Armstrong mentioning private companies, Treasuries and investment funds as potential candidates for tokenization.