Coinbase adds six new tokenized stocks after the 228 million U.S. dollar show

Coinbase launched six tokenized stocks on the Base chain, with decentralized exchange trading volume reaching US$227.7 million within 30 days of the first issuance

Summary:

• Six new stock tokens have joined Coinbase's initial lineup of four stocks on the Base chain.
• The latest tokens released include Amazon, Microsoft, Strategy (formerly MicroStrategy), SanDisk, SpaceX and Tesla.
• Token Terminal data shows that the decentralized exchange (DEX) transaction volume of stock tokens issued by Coinbase reached US$227.7 million within 30 days.
• Based on Coinbase's current Regulation S distribution structure, U.S. users still cannot access these products.

Base chain's tokenized stock lineup expands to ten

On September 4, Coinbase announced that Amazon (AMZNc), Microsoft (MSFTc), Strategy (MSTRc), SanDisk (SNDKc), SpaceX (SPCXc) and Tesla (TSLAc) are now available on the chain. The move further expands Coinbase's tokenized stock range, just weeks before the first launches.

These new tokens allow eligible investors to access the equity interests of five listed companies and private company SpaceX through tokens on the Base chain of the Ethereum Layer-2 network. In addition, developers can integrate these assets into transactions, lending and other financial products built for Base.

Coinbase launched a tokenized stock project on the Base chain on August 24, launching the first batch of tokens linked to Apple, Alphabet, Meta and Nvidia. As previously reported, these products adopt Base's B20 standard and represent beneficial rights to shares held through regulated trusteeship. With the addition of these six new codes, the active token lineup has now reached 10.

Among them, Amazon, Microsoft, SanDisk and Tesla provide investors with exposure to major U.S. technology companies;MSTRc tracks Strategy (a Nasdaq-listed company known for holding Bitcoin on its balance sheet); and SPCXc provides exposure related to SpaceX, a private company rather than a company listed on the U.S. Public Exchange. Coinbase has previously included SpaceX along with Nvidia, Alphabet and Strategy in its international version of tokenized stock offerings.

Issue structure and custody arrangements

According to Coinbase's description, Coinbase Onchain SPV Ltd. issues the same amount of B20 tokens for each underlying share or eligible equity interest. The issuer is located in Abu Dhabi Global Market (ADGM) and holds assets separately from Coinbase through a custody arrangement.

Coinbase emphasized that each token is a beneficial ownership claim for the corresponding equity, rather than a synthetic tool that just tracks its price. However, token holders are not directly registered on the base company's register of shareholders. For publicly listed stocks, Alpaca Securities acts as broker and custodian. The company is registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

Coinbase said the shares were held in segregated and bankrupt remote escrow accounts. The product's prospectus provides specific legal terms, fees and risk warnings associated with each token.

Decentralized exchange trading volume reached nearly US$228 million in a month

Data from data provider Token Terminal shows that in the 30 days before the latest round of expansion, stock tokens issued by Coinbase traded on the Base decentralized exchange reached US$227.7 million. The platform measures transactions performed through decentralized channels, rather than transfers between blockchain addresses. The same dataset showed that daily DEX activity peaked at more than $33 million.

Previously, Token Terminal updated data to show that the cumulative transaction volume was US$124.8 million, of which NVDAc accounted for US$71.6 million, accounting for 57%. This shows that trading volume has continued to rise since the launch boom in August.

Data from another agency, RWA.xyz, shows that the tokenized stock space itself was growing before Coinbase added new products. In late August, monthly transfers surged 415% to US$29.5 billion, while the value of tokenized equity distributed on the chain was close to US$2.54 billion.

It should be noted that transfer volume and transaction volume measure different activities. Transfers may include the flow of collateral, automated transactions, or the movement of assets between different applications, while DEX transaction volume records token redemption through a decentralized exchange. RWA.xyz also statistics that there were approximately 1.3 million monthly active addresses and 2.36 million tokenized stock holders at that time. Because a user can control multiple addresses, and hosting services may consolidate the assets of multiple customers, the total number of wallets does not necessarily represent a separate number of people.

Holders can trade and use assets in DeFi

Eligible users can keep Coinbase's stock tokens in a self-custodial wallet and trade them during regular Nasdaq or New York Stock Exchange closures. On-chain markets can remain open at night, weekends and during U.S. market holidays.

Coinbase also allows B20 assets to connect to supported decentralized finance (DeFi) applications. Aerodrome provides decentralized transaction liquidity, while Aave, Morpho and Euler support or plan to support lending capabilities. Other integrations listed at the time of initial release include 0x, 1inch, KyberSwap, and CoW Swap. Chainlink provides price information to help applications track changes in the value represented by each token.

This setting allows qualified holders to purchase tokens through a decentralized exchange and subsequently use them as collateral in compatible lending markets. Access rights, borrowing limits and clearing terms depend on the rules set out in each agreement.

Coinbase warned in its prospectus that when U.S. markets are closed, prices may get out of touch with underlying stocks, especially when liquidity on the chain is thin. Market interruptions, limited liquidity, and differences in trading hours can cause tokens to be traded at a price higher or lower than the equity value they represent.

Corporate actions are also handled differently from standard brokerage accounts. Coinbase said dividends are typically invested in additional underlying shares after deducting applicable withholding taxes and fees, and adjusted through an on-chain multiplier for the equity value represented by each token. When the multiplier is updated, the original number of tokens in the wallet does not change. Coinbase uses the same mechanism to deal with stock splits without damaging positions held in the DeFi app.

U.S. investors are still excluded from Base offerings

Although most of the underlying companies are located or listed in the U.S., Coinbase does not make these B20 securities available to U.S. people. These products are not registered under the Securities Act of 1933 or state securities laws.

Coinbase issues these products under Regulation S, an exemption provided by the SEC for qualified securities trading outside the United States. The restriction applies to sales made within the United States and transactions made for the account or benefit of a U.S. person.

U.S. clients can access traditional stocks and exchange-traded funds (ETFs) through Coinbase Capital Markets, but this regulated brokerage service is separate from B20 assets on Base. Apex Clearing is responsible for the execution, clearing and custody of traditional brokerage services.

Users who obtain B20 tokens through the open decentralized market still need to pass issuer identity, sanctions and jurisdiction checks to become verified holders. Depending on product terms, unverified holders cannot redeem tokens into underlying stocks, U.S. dollars, or recognized stablecoins.

Redemptions after verification are subject to a 0.05% fee and may be delayed due to compliance checks, settlement procedures or underlying securities sales. The final amount may differ from the value shown when the redemption request is submitted.

Coinbase tokens begin to be introduced in third-party investment products

Coinbase tokens also begin to appear in third-party investment products. In August, Bitwise launched three automation portfolios for eligible non-U.S. users, covering the Big Seven, SpaceX, robotics companies and artificial intelligence companies.

Bitwise's model uses Glider to execute transactions and rebalance assets in users 'own wallets. Bitwise charges a methodology fee of 0.15%, which excludes Glider's platform fees and transaction costs incurred during the portfolio adjustment process.