Coinbase has launched tokenized shares on its Base network, making traditional equities available on-chain for eligible users outside the United States. The tokens, issued under Coinbase's B20 standard, represent direct claims on underlying shares rather than derivatives, according to the Base team.
Launch on Base with Chainlink Integration
The move went live on Base alongside an integration from Chainlink, which supplies pricing data needed for decentralized applications to use the tokens for functions such as lending, trading, and structured products, as reported by Crypto Breaking News. Chainlink Data Feeds for Coinbase's tokenized stocks are designed to provide continuous pricing for major U.S. equities, including Nvidia, Apple, Meta, and Alphabet.
Each B20 token on Base represents a direct claim on an underlying share held by Alpaca, a regulated broker and custodian, supervised under Abu Dhabi Global Market, according to multiple reports. The Base team described the tokens as "the real deal" in a post on X, explaining that token holders have a direct claim on the share rather than a derivative tied to its price.
Tokenized Stocks and DeFi Applications
The initial offering includes fractional shares of Apple and Nvidia that users can hold in self-custody wallets, trade on Aerodrome, or use as collateral on decentralized lending protocol Aave. The tokens can also be added to liquidity pools, automated portfolios, indexes, and derivatives, as detailed by Decrypt.
The B20 token standard processes dividends and stock splits without changing token balances or disrupting DeFi positions, according to Decrypt. Availability varies by jurisdiction and may be subject to identity checks and other restrictions.
The Base team emphasized the 24/7 nature of on-chain trading, writing that "Markets shouldn't sleep" and that tokenized stocks can trade across always-on automated market maker pools, allowing users to react to events at any time.
Bitwise Automated Portfolios
A day after the Coinbase tokenized stocks went live, Bitwise Asset Management launched automated portfolios of these tokenized US stocks for eligible non-US investors, as reported by Cointelegraph. The portfolios use Coinbase's tokenized stocks, while Glider automatically rebalances users' holdings to match model portfolios designed by Bitwise.
The initial lineup includes three strategies — the Mag7X, robotics, and AI leaders — and include Apple, Nvidia, Microsoft, Tesla, and SpaceX, according to Cointelegraph.
Unlike a traditional fund, the tokenized stocks remain in users' non-custodial wallets, with Bitwise setting the portfolio methodology and Glider handling trades and rebalancing. Bitwise charges a 0.15% methodology access fee, excluding trading and Glider platform fees.
Because users retain the individual tokens, Bitwise said the assets could also be used in DeFi applications for lending or borrowing, subject to the risks of those protocols.
Market Context and Growth
Tokenized listed stocks now total $2.49 billion, up 5.18% over the past month, with 2.25 million holders and $27.28 billion in monthly transfer volume, according to rwa.xyz. Another report from Crypto Breaking News cited rwa.xyz data showing tokenized stocks total about $2.48 billion, up 5.2% over the past 30 days, with monthly transfer volume of $27.28 billion and a holder base over 2.1 million.
Tokenized stocks have gained traction as crypto platforms move traditional equities on-chain. Last month, Robinhood launched its layer-2 network Robinhood Chain, with tokenized stocks among its first offerings, as noted by Decrypt.
Coinbase unveiled plans in June for tokenized stocks backed 1:1, meaning each token would represent a real share held in custody, with dividends paid automatically. The products had been expected to reach non-U.S. users in July.
Base said more Coinbase-issued stocks and other real-world assets will be added in the coming weeks. The Base team wrote that "The financial system is being rebuilt onchain, and the builders on Base are the ones making it happen."