Coinbase has published a breakdown of three models for tokenized equities, walking through the tradeoffs of each, explaining where the company fits, and laying out where it expects the industry to head. The central argument concerns ownership: on September 14, 2026, CEO Brian Armstrong said Coinbase's tokenized stocks set the benchmark for genuine ownership, drawing a sharp contrast with synthetic products that track a share price without granting holders any rights to the underlying share.
What Coinbase is selling
Coinbase launched its tokenized equity products on August 24, 2026, built on the company's B20 token standard. The first batch represents shares in four large technology companies: AAPLc for Apple, NVDAc for Nvidia, METAc for Meta, and GOOGLc for Alphabet.
Each token is a direct 1:1 claim on an underlying share, with one token mapping to one real share held in a real brokerage account. Those shares are held by Alpaca Securities in segregated accounts under the supervision of Abu Dhabi Global Market (ADGM). According to the research findings, the structure is designed to be bankruptcy remote.
The products are not open to everyone. They target eligible non-US investors under Regulation S, the US rule covering securities offerings made outside the country.
Dividends and voting
Dividends are not distributed as cash. They are reinvested, with the reinvestment reflected through an on-chain multiplier. Voting rights for token holders are described as upcoming and are not live yet.
Three models, one central divide
Coinbase frames the tokenized equity market as three distinct models, each with its own tradeoffs, with the sharpest split running between products that carry real ownership and those that do not.
- Synthetic exposures: these track a stock's price but give the holder no ownership rights.
- Direct 1:1 claims: the model Coinbase is backing, involving claims on actual shares with full regulatory backing and a custodian holding the underlying asset.
An "Everything Exchange" and a crowded field
The tokenized stocks form part of a broader Coinbase push it calls the "Everything Exchange," an effort to blend traditional equity trading with blockchain infrastructure in a single venue. Coinbase has also set up a tokenization hub in Abu Dhabi, which lines up with ADGM oversight of the custody setup and the non-US focus of the launch.
The company is not alone in the race. Kraken offers its xStocks product, and Robinhood is also active in the space. The research findings describe a positive market response, pointing to significant trading volumes on decentralized exchanges after the launch.
Open items
For investors outside the US, the practical question is what they are buying. The research findings suggest investors are showing a preference for products that deliver concrete ownership and the rights that come with it.
Still, questions remain. Voting rights have not shipped. Dividends arrive as reinvestment rather than cash, which may not suit every holder. And the products remain off-limits to US investors under the Regulation S framework.
