Coinbase Brings Tokenized Stocks to Ethereum L2 Base

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In brief Base has added Coinbase-issued tokenized stocks for eligible users outside the U.S.

The initial offering includes fractional shares of Apple and Nvidia.

Users can hold the tokens in self-custody wallets or trade them on Aerodrome.

The team behind Base, Coinbase’s Ethereum layer-2 network, said on Monday that Coinbase-issued tokenized stocks are now live on the blockchain for eligible users outside the United States.

In a post on X, the Base team said each token represents a share held by Alpaca, a regulated broker and custodian. Token holders have a direct claim on the underlying share, rather than a derivative tied to its price.

“If you hold the token, you hold a direct claim on the share,” the team wrote. “Coinbase Tokenized Stocks are the real deal.”

The initial offering includes fractional shares of Apple and Nvidia that users can hold in self-custody wallets, trade on Aerodrome, or use as collateral on decentralized lending protocol Aave. The tokens can also be added to liquidity pools, automated portfolios, indexes, and derivatives.

The tokenized stocks use Coinbase’s B20 token standard, which processes dividends and stock splits without changing token balances or disrupting DeFi positions. Availability varies by jurisdiction and may be subject to identity checks and other restrictions.

“Markets shouldn't sleep,” the team wrote. “Tokenized stocks can trade across always-on AMM pools, so users can react to an earnings call at 3am, a macro event, or weekend news, instead of trading hours designed for a pre-internet era.”

Coinbase unveiled plans in June for tokenized stocks backed 1:1, meaning each token would represent a real share held in custody, with dividends paid automatically. The products had been expected to reach non-U.S. users in July.

Tokenized stocks have gained traction as crypto platforms move traditional equities on-chain. Last month, Robinhood launched its layer-2 network Robinhood Chain, with tokenized stocks among its first offerings.

Base said more Coinbase-issued stocks and other real-world assets will be added in the coming weeks.

“The financial system is being rebuilt onchain, and the builders on Base are the ones making it happen,” the team wrote.