Coinbase launched its tokenized U.S. stocks on Base on Monday, bringing four major technology companies onto the blockchain as transferable digital assets. Eligible users outside the United States can hold the tokens in self-custody wallets without opening a traditional brokerage account.
The new assets — NVDAc, AAPLc, METAc and GOOGLc — track Nvidia, Apple, Meta and Alphabet. Chainlink provides the official price feeds, supplying market data to about 50 Base-based applications that support the tokenized equities.
The bigger significance of the launch lies in the infrastructure behind the products. Coinbase is acting as the issuer, blockchain operator and one of the venues where the assets can trade. Chainlink’s oracle infrastructure is also critical because it determines whether these tokens can move beyond simple stock representations and be used as collateral within DeFi.
Tokenized Stocks Reach $2.49B as Coinbase Enters Market
The tokenized-equity market has grown into a $2.49 billion sector, according to rwa.xyz. Its total value has increased 5.18% over the past month, with roughly 2.12 million holders and $27.28 billion in monthly transfer activity.
Ondo remains the market leader with $872.7 million across 406 assets. Backed’s xStocks follows with $588 million, while Binance’s bStocks has $552.7 million. Coinbase currently ranks fourth, although its offering consists of only four stocks and the company has signaled plans to expand the lineup.
The four Coinbase tokens had a combined onchain value of approximately $4.55 million late Monday. They were supported by about $3.06 million in decentralized-exchange liquidity and generated $10.8 million in 24-hour trading volume.
NVDAc was the largest of the four assets, with 6,794.49 tokens outstanding and 1,745 holders, according to BaseScan. Its price remained closely aligned with Nvidia’s underlying shares. NVDAc traded around $208.51 compared with Nvidia’s $208.48 closing price. AAPLc traded at $311.23 versus Apple’s $310.34 close, while METAc changed hands at $558.50 against Meta’s $559.02 closing price.
Aerodrome had the largest liquidity pools for each of the four tokens. The DEX held approximately $957,307 in NVDAc liquidity and between $619,000 and $669,000 for the other assets.
Aerodrome’s AERO token traded near $0.5334, gaining 11.3% on the day and 29% over the week on $94.3 million in volume. The platform had roughly $265.8 million in total value locked and a market capitalization of about $522 million.
Base had $5.49 billion in total value locked, making it the fourth-largest blockchain by this measure behind Ethereum, BNB Chain and Solana, according to DefiLlama. As tokenized real-world assets expand, blockchain networks are competing to capture the liquidity and activity generated by the growing sector.
24/7 Trading Creates a Potential Weekend Pricing Risk
One of the biggest challenges involves the difference between traditional stock-market hours and nonstop crypto trading.
Chainlink’s price feeds calculate total-return values that account for dividends and stock splits rather than simply reflecting raw stock prices. The feeds operate five days a week and can pause during corporate actions, while the tokenized stocks remain available for trading 24 hours a day, seven days a week.
That creates a potential pricing mismatch that applications must manage carefully. Base documentation instructs developers to monitor the updatedAt field and establish limits for stale data before using a price feed. It also warns against using an outdated feed to settle trades or trigger liquidations.
This could become particularly important for lending protocols. If a platform continues using Friday’s stock price to value tokenized collateral throughout the weekend, a significant move in the underlying stock when markets reopen could create unexpected liquidation exposure. The issue stems from combining 24/7 token trading with underlying equities and price feeds that follow traditional market schedules.
The tokens are issued by Coinbase Onchain SPV Ltd., a company incorporated in Abu Dhabi Global Market on June 17, 2026. It operates under Onchain Marketplace Holdings Limited, which is owned by Coinbase Global.
Coinbase received FSRA approval for its tokenization hub earlier this month after first detailing the structure of its tokenized equities in June.
According to the NVDA prospectus submitted to the FSRA, Alpaca Securities LLC, an SEC-registered broker-dealer, purchases and safeguards the underlying Nvidia shares in segregated accounts.
Those shares are held by the SPV as a bare trustee for token holders under a deed of trust. Minting costs 1 basis point of the investment amount, while redemption carries a 5-basis-point fee. Dividend distributions are subject to a 5% fee on gross value before the 30% U.S. withholding tax applicable to non-U.S. investors.
Only KYC-approved Authorized Participants can create or redeem the tokens, while secondary-market transfers remain permissionless.
The prospectus also notes that the tokens do not permanently maintain a one-token-to-one-share relationship. A multiplier adjusts each token’s underlying claim when dividends are reinvested or stock splits occur. This means the token balance can remain unchanged even as the amount of underlying equity represented by each token changes.
