Coinbase has launched four tokenized U.S. stock products on its Base layer-2 network, giving eligible non-U.S. investors around-the-clock exposure to Apple, NVIDIA, Meta and Alphabet, crypto.news reported .
What Base launched
The initial list covers NVIDIA under the ticker NVDAc, Meta as METAc, Apple as AAPLc and Alphabet as GOOGLc. Each is a B20-standard token representing a beneficial interest in an underlying share rather than a synthetic contract that merely tracks its price. Base published a separate prospectus and contract address for every asset and urged users to verify the address before buying, because tokens outside the official list were not issued by Coinbase.
The legal and custody structure
Coinbase Onchain SPV Ltd., a Coinbase-controlled company incorporated in the Abu Dhabi Global Market, formally issues the securities. The Financial Services Regulatory Authority approved the NVIDIA prospectus on Aug. 4 under ADGM rules. For every token issued, the special-purpose vehicle holds one corresponding share through a segregated custody account managed by Alpaca Securities, an SEC-registered broker-dealer and FINRA and SIPC member, with deposited shares held in trust for tokenholders.
The structure offers beneficial exposure rather than direct registration as the legal owner of each share. Holders do not receive automatic voting rights, though vested holders may send voting instructions that the issuer can try to exercise on their behalf. Distributions from the underlying company are generally reinvested into additional shares rather than paid to holders as cash, adjusting the deposit ratio behind each token.
How the tokens can be used
Because the securities are not registered under the U.S. Securities Act, they remain unavailable to U.S. persons. Eligible holders can keep the tokens in self-custodial wallets and interact with decentralized applications: Aerodrome provides tokenized-stock liquidity, while Aave, Morpho and Euler provide or plan lending and borrowing, and 0x, 1inch, KyberSwap and CoW Swap support exchange. Trading can continue outside regular U.S. exchange hours, including weekends, and Base said additional tickers will follow subject to regulatory approval.
A delayed push
The launch follows Coinbase’s June rollout of tokenized exposure tied to NVIDIA, Alphabet, Strategy, BitMine and SpaceX. In July, Base founder Jesse Pollak acknowledged that Robinhood had moved first by placing stock-linked products in an Ethereum-compatible setting. “We’ve been behind on this on Base and I’m frustrated that’s the case,” Pollak said at the time, adding that the companies were close to introducing 1:1-backed equities.
The launch extends the push to tokenize real-world assets that has been building across the industry this year.
