Coinbase has brought tokenized versions of four major U.S. technology stocks to Base, allowing eligible non-U.S. users to trade and hold the assets through self-custody wallets without opening a traditional brokerage account.
The newly launched tokens — NVDAc, AAPLc, METAc and GOOGLc — track Nvidia, Apple, Meta and Alphabet. Chainlink provides the official price data, feeding information to roughly 50 Base applications that support the tokenized equities.
The launch is significant not only because of the stocks involved but also because of the infrastructure behind them. Coinbase serves as the issuer and Base operator while also functioning as one of the trading venues. Chainlink’s oracle system is equally important because its pricing data could determine whether the tokens remain simple representations of stocks or become useful collateral across DeFi platforms.
Coinbase Enters a $2.49B Tokenized Equity Market
The broader market for tokenized public stocks has reached about $2.49 billion, according to rwa.xyz. The sector has expanded 5.18% over the past 30 days, with roughly 2.12 million holders and $27.28 billion in monthly transfer volume.
Ondo currently leads the market with $872.7 million spread across 406 assets. Backed’s xStocks follows with $588 million, while Binance’s bStocks holds about $552.7 million. Coinbase ranks fourth after entering the market with four stocks and plans to add more assets.
The combined value of Coinbase’s four tokens was around $4.55 million late Monday. They had approximately $3.06 million in DEX liquidity and generated $10.8 million in 24-hour trading volume.
NVDAc was the largest token, with 6,794.49 units outstanding among 1,745 holders, according to BaseScan. Its market price closely followed Nvidia’s underlying shares, with NVDAc trading at $208.51 compared with Nvidia’s $208.48 close. AAPLc traded at $311.23 versus Apple’s $310.34 closing price, while METAc was priced at $558.50 compared with Meta’s $559.02 close.
Aerodrome supplied the deepest liquidity for all four tokens, with around $957,307 supporting NVDAc and between $619,000 and $669,000 backing each of the other three.
AERO, Aerodrome’s native token, traded around $0.5334, up 11.3% for the day and 29% over the week on $94.3 million in volume. The DEX had approximately $265.8 million in total value locked against a $522 million market capitalization.
Base’s total value locked stood at $5.49 billion, placing it fourth among blockchain networks behind Ethereum, BNB Chain and Solana, according to DefiLlama. As tokenized real-world assets gain traction, competition among blockchains for onchain liquidity is becoming increasingly important.
24/7 Trading Raises Weekend Liquidation Concerns
The biggest challenge may come from the difference between stock-market operating hours and the round-the-clock nature of crypto markets.
Chainlink’s feeds provide total-return values that incorporate adjustments for dividends and stock splits rather than simply reporting raw equity prices. However, the feeds operate five days a week and can pause during corporate actions. The tokenized stocks themselves continue trading 24/7.
That creates a potential pricing gap that applications need to account for. Base documentation advises integrators to check the updatedAt timestamp and establish safeguards against stale pricing data. It also warns developers not to use frozen feeds when settling transactions or executing liquidations.
The issue could be particularly important for DeFi lending platforms. If a protocol continues valuing tokenized stock collateral using Friday’s closing price throughout the weekend, a sharp move in the underlying shares when traditional markets reopen could create unexpected liquidation risks.
Coinbase’s tokenized equities are issued by Coinbase Onchain SPV Ltd., which was incorporated in Abu Dhabi Global Market on June 17, 2026. The company operates as a subsidiary of Onchain Marketplace Holdings Limited, which is owned by Coinbase Global.
Coinbase received FSRA approval for its tokenization hub earlier this month after outlining the structure of the products in June.
The NVDA prospectus filed with the FSRA states that Alpaca Securities LLC, an SEC-registered broker-dealer, purchases and holds the underlying Nvidia shares in segregated accounts.
The SPV keeps those shares as a bare trustee for token holders under a deed of trust. Token creation costs 1 basis point of the invested amount, while redemptions carry a 5-basis-point fee. Dividend distributions are subject to a 5% fee on gross value before the 30% U.S. withholding tax applied to non-U.S. investors.
Minting and redemption are restricted to KYC-approved Authorized Participants, while secondary-market trading is permissionless.
The prospectus also makes clear that each token does not represent a fixed one-share claim forever. A multiplier adjusts the underlying entitlement when dividends are reinvested or stock splits occur. Consequently, the number of tokens held may remain unchanged while the amount of underlying equity represented by each token changes.
