Coinbase Launches Tokenized Stocks on Base

Coinbase Launches Tokenized Stocks on Base

Coinbase’s tokenized stocks officially went live on the Base blockchain on Monday, beginning with fractional shares of Apple and Nvidia. Eligible users outside the United States can now hold a claim on real equity within a self-custody wallet, trade it on Aerodrome, or use it as collateral on Aave. The native token of Aerodrome, AERO, saw a surge of over 13% on the day.

Each token represents a share held by Alpaca, a regulated broker and custodian. This structure grants holders a direct claim on the underlying share, rather than mere exposure to a derivative that tracks its price, signifying a significant development in the tokenization of real-world assets. Coinbase has implemented a token standard known as B20, designed to manage dividends and stock splits without altering token balances. This ensures that open lending positions or liquidity pools remain unaffected by corporate actions like dividend payouts.

This marks the second instance within a week where a U.S. company has introduced a product that is inaccessible to American users. Last Wednesday, Coinbase integrated perpetual futures into its Base App via Hyperliquid, a feature also unavailable to users in the U.S., U.K., and Canada. Similarly, Robinhood launched its own layer-2 chain last month, featuring tokenized stocks as one of its initial offerings, accessible in over 120 countries but notably not domestically.

Vlad Tenev, CEO of Robinhood, spent the past week publicly urging U.S. policymakers to revise existing regulations. He expressed concern that the world might build the future of ownership around American assets while Americans are excluded. The Securities and Exchange Commission (SEC) currently has a delayed exemption for tokenized stocks, and its recent Regulation Crypto Assets proposal focuses on token fundraising rather than equity tokenization.

Despite the regulatory landscape, Coinbase is proceeding with its expansion plans. Base has indicated that additional Coinbase-issued stocks and other real-world assets will be introduced in the coming weeks. The underlying infrastructure is reportedly complete and operational, though regulatory clarity remains pending. The situation raises questions about whether Washington will address the regulatory gap before offshore alternatives become the established norm.