Coinbase has introduced tokenized versions of US equities on its Base layer-2 network. The initiative began on August 24 with shares of Nvidia, Apple, Meta, and Alphabet. By September 4, the platform expanded its list to include Amazon, Microsoft, Tesla, SpaceX, SanDisk, and MasterCard.
The tokens, identified by a c suffix, represent a 1:1 claim on actual shares. These assets are held in regulated custody by Alpaca under the supervision of the Abu Dhabi Global Market. The tokens utilize the proprietary B20 standard, allowing them to be used as collateral on DeFi protocols like Aave and Morpho.
Within the first month of operation, the cumulative volume of these tokens on decentralized exchanges exceeded $228 million. Daily trading volumes reached approximately $100 million shortly after the launch. Dividends are distributed automatically to token holders.
The offering is currently structured under Regulation S, which excludes US residents from participation. Coinbase aims to incorporate these assets into its ecosystem, alongside crypto trading and stablecoin services. Competitors such as Kraken and Robinhood are also developing similar tokenized stock solutions.
