Coinbase has reported that its tokenized stock product on the Base network reached approximately 46,700 holders within 30 days of its late August launch. This represents a 97-fold increase in the user base for these on-chain assets. The total supply of these tokenized equities is estimated at $26.5 million.
The initiative began on August 24 with four US stocks: Nvidia, Apple, Meta, and Alphabet. By September 4, the list expanded to ten assets, including Amazon, Microsoft, Tesla, SpaceX, SanDisk, and Strategy. These tokens utilize the proprietary B20 standard on the Ethereum Layer 2 network to allow for fractional ownership.
The tokens are available exclusively to eligible non-US users. When a purchase occurs, institutional market makers acquire the underlying shares, which are held by the regulated custodian Alpaca under the Abu Dhabi Global Market framework. While holders do not receive voting rights, they maintain beneficial ownership claims.
Trading occurs 24/7 on decentralized exchanges, with Aerodrome serving as a primary venue. Holders can provide liquidity on Aerodrome to earn fees or use the tokens as collateral for borrowing on the Morpho lending protocol. Coinbase has also launched a verification portal at base.org/stocks to help users identify authentic tokens.
