Coinbase has launched tokenized versions of four major U.S. technology stocks on Base, allowing eligible users outside the United States to trade and hold the assets through self-custody wallets without requiring a conventional brokerage account.

The new tokens, NVDAc, AAPLc, METAc and GOOGLc, are designed to track Nvidia, Apple, Meta and Alphabet. Chainlink provides the official oracle feeds, delivering price data to around 50 Base applications that support the tokenized stocks.

The launch is notable not only for the companies represented but also for the structure supporting the products. Coinbase is acting as the issuer, Base operator and one of the venues where the tokens can trade. Chainlink’s oracle feeds are also central to the system, determining whether the assets can be used beyond simple stock exposure and potentially serve as collateral across DeFi applications.

Coinbase Joins a Growing Tokenized Stock Market

The market for tokenized public equities has expanded to roughly $2.49 billion, according to rwa.xyz. The sector has grown 5.18% over the past 30 days and now includes about 2.12 million holders, with monthly transfer volume reaching $27.28 billion.

Ondo remains the largest issuer with $872.7 million across 406 assets. Backed’s xStocks has about $588 million, while Binance’s bStocks holds roughly $552.7 million. Coinbase currently ranks fourth, starting with four stocks and signaling that more could follow.

The combined onchain value of Coinbase’s four tokens was approximately $4.55 million late Monday. The assets had around $3.06 million in DEX liquidity and recorded $10.8 million in trading volume over 24 hours.

NVDAc was the largest token by supply, with 6,794.49 tokens outstanding across 1,745 holders, according to BaseScan. Its price closely matched Nvidia’s underlying shares, trading at $208.51 compared with Nvidia’s $208.48 close. AAPLc traded at $311.23 versus Apple’s $310.34 close, while METAc was priced at $558.50 compared with Meta’s $559.02 close.

Aerodrome provided the deepest liquidity across all four tokens. Its NVDAc pool contained about $957,307, while liquidity for the remaining tokens ranged from approximately $619,000 to $669,000.

Aerodrome’s AERO token traded around $0.5334, gaining 11.3% over the day and 29% over the week on $94.3 million in volume. The DEX had roughly $265.8 million in total value locked against a market capitalization of $522 million.

Base had approximately $5.49 billion in total value locked, ranking fourth behind Ethereum, BNB Chain and Solana, according to DefiLlama. As tokenized real-world assets become more widespread, blockchain networks are increasingly competing to attract the liquidity needed to support these markets.

Weekend Trading Creates a Pricing Mismatch

The biggest concern surrounding the tokenized stocks may be the difference between traditional stock-market hours and nonstop crypto trading.

Chainlink feeds provide total-return values that account for dividends and stock splits rather than simply reporting raw equity prices. However, the feeds generally operate five days a week and can pause during corporate actions, while the tokenized stocks remain tradable around the clock.

This creates a potential mismatch that applications must manage carefully. Base documentation advises developers to monitor the updatedAt field and establish safeguards against stale prices. It also warns against using frozen price feeds for settlements or liquidation decisions.

That warning could be particularly relevant for DeFi lending platforms. If a protocol continues valuing tokenized stock collateral at Friday’s closing price throughout the weekend, a significant move in the underlying shares when U.S. markets reopen could result in inaccurate collateral valuations and unexpected liquidations.

The tokens are issued by Coinbase Onchain SPV Ltd., which was incorporated in Abu Dhabi Global Market on June 17, 2026. The company is 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 first outlining its one-to-one backing model in June.

The NVDA prospectus filed with the FSRA says Alpaca Securities LLC, an SEC-registered broker-dealer, purchases and holds the underlying Nvidia shares in segregated accounts.

The SPV holds those shares as a bare trustee for token holders under a deed of trust. Creating tokens costs 1 basis point of the invested amount, while redemption carries a 5-basis-point charge. Dividend distributions are subject to a 5% fee on gross value before the 30% U.S. withholding tax applicable to non-U.S. investors.

Only KYC-approved Authorized Participants can mint or redeem the tokens, while secondary trading remains permissionless.

The prospectus also notes that the tokens do not maintain a permanent one-to-one relationship with the underlying shares. A multiplier adjusts each token’s claim as dividends are reinvested and stock splits occur. As a result, the number of tokens held can remain constant even as the amount of underlying equity represented by each token changes.