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Ahmed Barakat
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Coinbase tokenized US equities went live on Base on Monday, putting four technology stocks onchain as transferable tokens that eligible non-US users can hold in a self-custodial wallet with no brokerage account required.
NVDAc, AAPLc, METAc, and GOOGLc track Nvidia, Apple, Meta, and Alphabet, and Chainlink now sits as the official oracle piping price data into roughly 50 Base apps that support the tokens.
The launch matters less for the four tickers than for what runs underneath them. Coinbase is an issuer, chain operator, and one of the trading venues simultaneously, and Chainlink’s feed is the piece that determines whether these tokens function as passive holdings or as usable DeFi collateral.
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Coinbase Tokenized Stocks, A $2.48 Billion Market Getting Crowded
Tokenized public equities now total $2.49 billion, up 5.18% over 30 days, with 2.12 million holders and $27.28 billion in monthly transfer volume, according to rwa.xyz.
Ondo leads with $872.7 million across 406 assets, followed by Backed’s xStocks at $588 million and Binance’s bStocks at $552.7 million. Coinbase enters fourth with just four tickers and a promise of more.
Combined onchain value for the four Coinbase tokens sat near $4.55 million late Monday against $3.06 million of DEX liquidity and $10.8 million in 24-hour volume.
NVDAc, the largest, had 6,794.49 tokens outstanding across 1,745 holders, according to BaseScan. Pricing tracked the underlying tightly: NVDAc changed hands at $208.51 against Nvidia’s $208.48 close, AAPLc at $311.23 against Apple’s $310.34, and METAc at $558.50 against Meta’s $559.02.
Aerodrome captured the deepest liquidity for every token, holding $957,307 behind NVDAc and between $619,000 and $669,000 behind the others. AERO itself traded at $0.5334, up 11.3% on the day and 29% over the week on $94.3 million of volume, with the DEX carrying $265.8 million in total value locked against a $522 million market cap.
Base’s overall TVL stands at $5.49 billion, fourth among all chains behind Ethereum, BNB Chain and Solana, per DefiLlama, a base of onchain liquidity that networks like Ethereum continue to compete for as RWA infrastructure scales.
Chainlink Feeds and the Weekend Gap
Chainlink’s feeds publish total return values that fold in dividend and split adjustments rather than raw equity prices, and they run 24/5, freezing during corporate actions. The tokens themselves trade 24/7, which creates a structural mismatch any integrator has to handle deliberately.
Base’s own documentation instructs integrators to read the updatedAt field and apply staleness bounds before relying on the price, warning against settling or liquidating against a frozen feed. A lending market that ignores that instruction would be marking weekend collateral to Friday’s close – a real liquidation risk baked into the product’s mechanics, not a theoretical one.
“Base has built one of the most vibrant DeFi ecosystems out there, and Chainlink’s oracle infra unlocks new utility for tokenized assets.”
Antonio Garcia-Martinez, Head of Growth at Base, said that in the launch announcement.
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Alpaca Custody and the B20 Token Structure
The issuer is Coinbase Onchain SPV Ltd, incorporated in Abu Dhabi Global Market on June 17, 2026 as a subsidiary of Onchain Marketplace Holdings Limited, itself owned by Coinbase Global.
Coinbase won FSRA permission for the tokenization hub earlier this month, having first described the 1:1 structure in June.
Alpaca Securities LLC, an SEC-registered broker-dealer, buys and custodies the underlying shares in segregated accounts, according to the NVDA prospectus filed with the FSRA.
The SPV holds them as bare trustee for token holders under a deed of trust. Creation costs 1 basis point of the invested amount and redemption 5 basis points, while dividends carry a 5% distribution fee on gross value before the 30% US withholding rate applied to non-US persons.
Minting and redemption stay limited to KYC-onboarded Authorized Participants, while secondary trading is permissionless. The prospectus is explicit that one B20 token does not permanently equal one share – a multiplier scales each token’s claim as dividends are reinvested and splits applied, so raw balances stay fixed while the underlying entitlement moves.
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