Tokenized versions of some of America's largest companies are now available on public blockchains, with the broader tokenized-stock market reaching approximately $3.84 billion in distributed value, up nearly 18% over the past 30 days, according to Blockworks data.
Base, the Coinbase-backed Ethereum Layer 2 network, is hosting tokenized shares of Apple, Alphabet, Microsoft, Amazon, Nvidia, Tesla and Strategy. Eligible investors outside the United States can hold and trade blockchain-based representations of the underlying shares. The market counts about 4.5 million holder addresses across public blockchains.
Earnings season gets a 24/7 market
Base has been highlighting tokenized Alphabet, Microsoft, Amazon, Eli Lilly and Strategy shares as those companies move through a major earnings week. Unlike traditional brokerage accounts, tokenized equities can move through blockchain infrastructure around the clock and interact with decentralized finance applications.
Coinbase-issued stocks on Base are backed by real U.S. shares held with a regulated custodian and use the B20 token standard. Base says the tokens can be transferred, traded and integrated into other applications, subject to eligibility restrictions.
"All asset classes are moving onchain," Coinbase CEO Brian Armstrong wrote on X. "Tokenized stocks and stablecoins are growing fast, with more to come."
Stocks as programmable collateral
Trading is only part of the opportunity. Tokenized equities can increasingly be paired with other assets, supplied to liquidity markets or used as collateral. Aave now supports seven Coinbase tokenized U.S. stocks as collateral for USDC borrowing on Base.
Base is also offering ecosystem support to developers building products around programmable stocks, including credit markets and new brokerage experiences. That shifts the pitch from simply placing stocks on a blockchain to making them usable inside crypto-native financial applications.
A market still taking shape
The sector remains tiny compared with the tens of trillions of dollars represented by conventional equities, but its growth rate has become the headline. Onchain data shows tokenized-stock value climbing sharply in recent months, with bStocks, Ondo, xStocks, Securitize and Coinbase among the major platforms competing for market share.
Blockworks co-founder Jason Yanowitz called tokenized equities one of technology's fastest-growing charts. The next test, according to the report, is whether activity persists after the novelty fades.
If tokenized stocks develop deep liquidity, lending markets and sustained 24/7 trading, putting Apple or Nvidia onchain will no longer be the story. What investors can do with those shares after they arrive will be.
