Coinbase has deployed AAPLc, a tokenized representation of Apple Inc. stock on its Base blockchain network, available to non-US investors around the clock. The token launched with three companion assets tracking Nvidia, Meta and Alphabet shares, each backed 1:1 by physical stock held by Alpaca under supervision of Abu Dhabi's financial regulator.
The announcement comes as Coinbase brings traditional equities on-chain for continuous trading outside market hours. The four tokenized stocks are available to eligible international users through Coinbase's platform on Base. Holdings backing Coinbase's tokens sit with Alpaca Securities, a regulated custodian in the Abu Dhabi Global Market that operates under ADGM approval. This structure separates the blockchain representation from the asset custody, isolating token holders from Coinbase operational risk.
Tokenized securities have grown as a category since 2021, when Franklin Templeton launched the first mutual fund on Solana. Other platforms including Polymarket and Robinhood have tested tokenized assets on blockchains. Base, Coinbase's Ethereum layer-2 network, has grown to rank among the largest blockchains by daily transaction volume. Deploying tokenized stocks on Base rather than Ethereum mainnet reduces transaction costs for users trading these assets and keeps activity within Coinbase's ecosystem.
The tokens trade on decentralized exchanges built on Base, giving users price discovery outside Coinbase's matching engine. Coinbase does not publish volumes for these assets through traditional channels, though data providers including CoinGecko track on-chain trading and holder counts. The network has become a venue for onchain finance products since its launch in 2023.
Coinbase faces regulatory scrutiny in the US over tokenized securities, which regulators have treated as securities offerings subject to SEC registration. By limiting access to non-US investors, Coinbase avoided triggering US securities law on launch. The model parallels strategies adopted by other exchanges rolling out similar products to international audiences first.
