Coinbase Brings Tokenized Stocks to Base Network

The new assets—trading under tickers NVDAc, METAc, AAPLc, and GOOGLc—are issued by Coinbase Onchain SPV Ltd., a company based in the Abu Dhabi Global Market. For every token issued, the entity maintains a corresponding share through a segregated account managed by Alpaca Securities, an SEC-registered broker-dealer. This structure ensures that holders retain beneficial ownership rather than relying on synthetic price tracking.

While these tokens allow for integration with decentralized finance protocols like Aerodrome, Aave, and Morpho, they carry distinct limitations. The products are restricted to non-U.S. persons under Regulation S, as they are not registered under the U.S. Securities Act. Furthermore, holders do not receive direct voting rights or cash dividends; instead, distributions are reinvested into additional shares after taxes and fees. Coinbase warns that the tokens are not immune to market volatility, and their prices may periodically diverge from the underlying equities due to liquidity variances during hours when traditional exchanges are closed.