Overview
- Coinbase launched its tokenized stocks on Base Monday, issuing AAPLc, NVDAc, METAc and GOOGLc as B20 tokens that are each backed 1:1 by an underlying share held in segregated ADGM custody with Alpaca.
- Chainlink was named the official oracle to deliver continuous price feeds so the tokens can be used reliably across lending markets, automated market makers and other DeFi products on Base.
- The securities are offered only to eligible non-U.S. users under ADGM/Regulation S rules, and holders who are not verified remain 'unvested' and cannot redeem shares or send voting instructions.
- Prospectus terms require distributions to be generally reinvested after U.S. withholding tax and a distribution fee of about 5%, allow redemption subject to KYC and settlement checks, and do not grant automatic voting rights to token holders.
- The launch expands a fast-growing tokenized real-world asset market valued in the low billions and has already nudged market bets that Base could later introduce a native token, while intensifying competition among platforms offering onchain equities.