Coinbase has launched four tokenized U.S. stocks on Base, its own blockchain, with each token backed 1:1 by a real share held in regulated custody. The debut brings Apple, Nvidia, Meta, and Alphabet shares onchain for eligible investors outside the United States.
What Coinbase launched on Base
Coinbase is the company behind the launch. It introduced the products on Base, the Ethereum layer-2 network that Coinbase itself incubated. For related coverage, see NoOnes Withdrawal-Only Mode After EU Sanctions Hit Partners.
Tokenized stocks are simply company shares turned into blockchain tokens. Instead of holding Apple stock in a brokerage account, you hold a token that represents that share and can move it onchain. For related coverage, see Zilliqa Says Ledger Signing Bug Exposed 6,772 Accounts, Enabled 683M ZIL Theft.
The official Base stocks page lists four live tickers: NVDAc, METAc, AAPLc, and GOOGLc, according to Base. Those cover Nvidia, Meta, Apple, and Alphabet, Google’s parent company. For related coverage, see Cleveland Fed: Bitcoin's 12-Month Gains Attract New Crypto Investors.
CoinDesk reported the tokens went live on Base on Monday, starting with these four names for eligible non-U.S. investors. The custody detail matters here, and Coinbase makes clear how it works.
How the 1:1 backing model frames the offer
The headline structural detail is the 1:1 backing. In plain terms, every token exists only because one real share sits in custody behind it.
Coinbase says the tokens are beneficial claims on those real shares, and the underlying stock is held in regulated, bankruptcy-remote custody separate from Coinbase, per Coinbase. Bankruptcy-remote means the shares stay protected even if Coinbase runs into trouble.
Why does this matter? Backing is how a tokenized stock keeps its price aligned with the real one. If tokens were not fully backed, their value could drift away from the actual share price.
The tokens are issued as B20 tokens on Base. This article sticks to that confirmed framing and does not guess at custody or redemption steps beyond what the companies have stated.
Some outside reporting adds detail Coinbase has not confirmed directly. According to unconfirmed reports cited by CoinDesk, a custodian named Alpaca holds the shares and Chainlink supplies live price feeds, though neither point appeared on the official pages.
Why the launch matters for Base and tokenized equities
Launching on Base ties the product straight into Coinbase’s own ecosystem. Base is a Stage 1 Optimistic Rollup that uses ETH for gas and secures $12.65 billion in total value, giving the launch a large, established venue.
Base has no token of its own, so ETH activity acts as the market proxy for the network. That gives these tokenized stocks a busy DeFi environment to plug into from day one.
The move pushes Coinbase deeper into tokenized real-world assets, meaning traditional assets like equities living onchain rather than crypto-native tokens. It follows a wider industry push, similar to how big banks have moved into digital asset custody.
Access rules keep this cautious. The tokens are offered under Regulation S, are not available to U.S. persons, and primary minting and redemption is limited to KYC-onboarded institutional partners and Authorized Participants. Regulatory sensitivity remains real, much as it does with ongoing crypto tax disputes in the U.S.
What should a regular reader take away? If you are outside the U.S. and eligible, these tokens let you hold blue-chip stock exposure onchain, backed one-for-one by real shares. If you are in the U.S., they are simply not available to you yet.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
