Coinbase Tokenized Stocks Surge 9,697% as NVIDIA and Apple Tokens Gain Popularity
Coinbase's tokenized stocks have gained significant traction since their launch last month. According to Token Terminal, holders of Coinbase-issued stocks on the Base blockchain jumped 9,697% in a month, with a total of 46,700 asset holders.
The tokenized versions of NVIDIA Corp. (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL), and Tesla Inc. (NASDAQ:TSLA) are leading the chart. Coinbase's CEO Brian Armstrong noted that it's 'very early days, but good traction so far.'
One key differentiator is that these tokens can be used as collateral for on-chain loans on platforms like Aave (CRYPTO:AAVE). The total value of the tokenized stock market was at $3.4 billion, with over 4 million asset holders and $70 billion in monthly volume.
Armstrong also mentioned that Coinbase's ambitions stretch far beyond publicly traded stocks, pointing to private companies, Treasuries, and investment funds as potential candidates for tokenization.