Coinbase Introduces Tokenized Tech Stocks on Base for Non‑US Users

Coinbase launched tokenized versions of four major technology stocks on its Base layer‑2 network, making the assets available to eligible users outside the United States. The tokens can be held in self‑custodial wallets without a traditional brokerage account.

Tokens and Initial Market Activity

The four tokens—NVDAc, AAPLc, METAc and GOOGLc—track Nvidia, Apple, Meta and Alphabet respectively. By the end of the launch day their combined on‑chain value was roughly $4.55 million, with about $3.06 million of liquidity provided on decentralized exchanges and $10.8 million of 24‑hour trading volume, according to DEX Screener data.

• NVDAc: 6,794.49 tokens outstanding, 1,745 holders, traded near $208.51.
• AAPLc: traded near $311.23.
• METAc: traded near $558.50.
• GOOGLc: price aligned with Alphabet’s closing price.

DeFi Integration and Liquidity Providers

About 50 DeFi applications are listed as supporting the new tokens at launch, including lending platforms Aave, Morpho and Euler, spot‑liquidity hub Aerodrome, routing services 0x and 1inch, and derivatives venue Wasabi.

Aerodrome hosts the deepest liquidity pools, with roughly $957,000 backing NVDAc and between $619,000 and $669,000 backing each of the other three tokens. The Aerodrome token (AERO) rose 11.3 % on the day, trading at $0.5334 on $94.3 million of volume.

Oracle Infrastructure

Chainlink is the designated oracle for price feeds. The feeds publish total‑return values that incorporate dividends and splits, running 24 hours a day, five days a week, and freezing during corporate actions. Integrators are instructed to check the feed’s timestamp and apply staleness bounds before using the price for settlement or liquidation.

Token Issuance and Legal Structure

The tokens are issued by Coinbase Onchain SPV Ltd, an entity incorporated in the Abu Dhabi Global Market. Underlying shares are held by Alpaca Securities LLC, an SEC‑registered broker‑dealer, in segregated accounts. Minting costs 1 basis point of the invested amount, redemption costs 5 basis points, and dividends incur a 5 % distribution fee before the applicable 30 % US withholding tax for non‑US holders.

Tokens are offered under Regulation S and are unavailable to US persons. Transfer restrictions allow the tokenization entity to freeze or blacklist wallets in prohibited jurisdictions.

Market Context

Tokenized public equities represent a market of roughly $2.48 billion, with over 2 million holders and $27 billion of monthly transfer volume. Coinbase entered this space with four tickers, while other providers such as Ondo Finance, Backed and Binance hold larger shares of the market.