Coinbase has officially launched trading in tokenized US stocks on its Base layer-2 blockchain, allowing users outside the US to trade shares of major companies like Apple, Nvidia, Meta, and Alphabet as blockchain-based assets that can be used as collateral in decentralized finance (DeFi) lending markets. The move marks a significant step toward making real-world assets more active participants in on-chain finance, rather than passive digital representations sitting in wallets.

What Are Tokenized Stocks and How Do They Work?

Tokenized stocks are blockchain versions of real company shares, issued as B20 tokens on the Base network. Each token represents a direct claim on the underlying stock, which is held in custody by Alpaca, a regulated broker operating under the Abu Dhabi Global Market regulatory framework. Users can hold these tokens in self-custody wallets or trade them 24 hours a day, unlike traditional stock markets with fixed trading hours.

The key innovation here is that Coinbase integrated Chainlink price feeds, which provide real-time pricing data for the tokenized stocks. This allows the assets to function across the broader DeFi ecosystem. According to Chainlink documentation, each token price is calculated by applying a Coinbase-provided multiplier to the underlying stock price, accounting for dividends and corporate actions without requiring users to change their wallet addresses.

Why Does Reliable Pricing Matter for Tokenized Equities?

For tokenized stocks to be useful in DeFi, protocols need to know their accurate price at all times. Without a trusted price feed, lending platforms cannot properly value collateral or liquidate positions when they fall below required thresholds. Chainlink's integration solves this critical infrastructure gap, enabling tokenized stocks to move beyond simple blockchain representations and become productive financial assets.

The practical implications are substantial. Users can now use tokenized Nvidia shares as collateral on Aave, a major DeFi lending protocol, or supply tokenized Apple shares to decentralized exchanges for liquidity provision. This transforms tokenized equities from idle wallet holdings into assets that generate yield or unlock borrowing capacity.

How to Use Tokenized Stocks in DeFi Markets

• Collateral for Loans: Deposit tokenized stock holdings into DeFi lending protocols like Aave to borrow stablecoins or other cryptocurrencies without selling your equity position.
• Liquidity Provision: Supply tokenized stocks to decentralized exchanges to earn trading fees from users swapping between assets.
• Structured Products: Use tokenized equities as building blocks in more complex DeFi strategies, such as yield farming or leveraged trading positions.

The Tokenized Equities Market Is Exploding

The broader tokenized equities market has experienced explosive growth. The total market value reached approximately $2.48 billion as of late August 2026, up 5.2% over the previous 30 days. Monthly on-chain transfer volume hit $27.28 billion, with over 2.1 million holders.

Looking at longer-term trends, the growth is even more dramatic. A16z crypto estimated the tokenized stock market cap at roughly $1.7 billion at the end of June 2026, up from just $329 million a year earlier, representing more than a fivefold increase. Monthly on-chain transfer volume surged from $53 million in June 2025 to $9.22 billion in June 2026, a more than 170-fold jump.

Real-world asset deposits into DeFi lending platforms and exchanges also climbed from $2.3 billion in the second quarter of 2025 to $7.4 billion in the second quarter of 2026, more than tripling even as total DeFi deposits fell by about 15%. This suggests that tokenized equities are attracting capital away from other DeFi assets.

Coinbase Is Not Alone in This Race

Coinbase's move reflects broader industry momentum. Nasdaq is building a gateway with Kraken parent Payward to connect tokenized equities with blockchain networks, while Robinhood Chain already leads in tokenized stock holders. The competition signals that major financial institutions recognize tokenized equities as a significant opportunity.

Coinbase plans to launch additional tokenized stocks on Base in the coming weeks, expanding beyond the initial offerings of Nvidia, Apple, Meta, and Alphabet. The service is currently available only to non-US users in eligible jurisdictions, as Coinbase operates its tokenization hub under financial services approval from the Abu Dhabi Global Market regulator.

The Real Test: Will Users Actually Use These Assets?

The critical question now is whether users will do more than simply hold these tokenized stocks. If tokenized equities continue to become collateral and liquidity sources in the DeFi ecosystem, the Chainlink integration will play a central role in converting tokenized equities from passive digital representations into an active part of on-chain finance.

Sentora co-founder Jesus Rodriguez has argued that tokenized equities should not merely "exist onchain" but should "do something onchain," including serving as productive collateral. Coinbase's Chainlink integration points toward that next stage, where reliable market data and blockchain settlement allow equity exposure to interact with DeFi applications in meaningful ways.

For non-US crypto users, this development opens access to US stock market exposure through blockchain infrastructure, bypassing traditional brokerage accounts and enabling 24/7 trading. As the tokenized equities market matures, the ability to use these assets across DeFi protocols may become as important as the ability to trade them.