Coinbase Tokenized Stocks Launch on Aerodrome
Coinbase Tokenized Stocks have arrived on Base, with day-one liquidity live on Aerodrome.
Tokenized shares in major U.S. companies will be issued by Coinbase, minted on Base, and available on Aerodrome. Once onchain, these tokenized assets will be composable across Base and accessible 24/7 to persons in eligible jurisdictions outside of the U.S.
More from Base.
Real equity, tokenized
Coinbase tokenized stocks are real equity securities, issued as tokens:
- Backed 1:1 by shares held in regulated custody
- KYC’d holders receive true ownership benefits; dividends & splits handled onchain
- Fully Base-native: composable across DeFi where users can trade, lend, stake, and more
This is a novel approach to tokenizing equities, and it brings the industry closer to what onchain real-world assets (RWAs) should be: ownership of an asset with the guarantees, rights and benefits of that asset onchain.
Coinbase Tokenized Stocks may not be available in your region due to local regulatory restrictions.
The economy, onchain
The goal of DeFi was never just for the onchain economy to grow, but for the global economy itself to come onchain.
This broader migration has already been happening in areas such as foreign exchange. Equities are the next clear step. As a ~$70 trillion market begins to move onchain, it will need a venue able to deliver the 24/7 access and fast, efficient execution that have become baseline expectations of onchain systems. But it will also need a venue that’s able to effectively bootstrap newly tokenized markets ahead of known demand, and to enable the innovation and experimentation that makes onchain markets so compelling.
If it trades onchain, it trades best on Aerodrome
Aerodrome is already the most efficient venue for spot trading across many assets: it hosts the number-one onchain pool for BTC and the deepest market in global onchain FX*. This is because flow concentrates where execution is best. As the world’s equities come onchain, we expect the same to hold.
The first tokenized stocks are live today, with more rolling out over the coming weeks.
About Aerodrome
Aerodrome is the essential trading and liquidity hub of Base. As the network’s leading decentralized exchange (DEX), Aerodrome unlocks high-efficiency execution for traders and sustainable rewards for liquidity providers. For builders and issuers, Aerodrome is the DEX of choice for launching, bootstrapping, and growing liquid markets for new and existing tokens.
In 2026, Aerodrome will merge with Velodrome to become Aero: the unified liquidity layer for all of Ethereum.
FAQ
General
Where can I learn more about Coinbase Tokenized Stocks?
What are Coinbase Tokenized Stocks?
They’re B20 tokens (an extension of the ERC-20 token standard) issued natively on Base, each backed 1:1 by an underlying US equity share held in regulated custody. Coinbase is the issuer. Coinbase Tokenized Stocks give you exposure to a real underlying share. Holders have a direct, senior claim on the underlying equity. A paradigm shift from other products that offer a synthetic, a debt claim, or a derivative wrapper rather than a claim on a real share.
How is custody and regulation structured?
Coinbase is the issuer, licensed and authorized by the Abu Dhabi Global Market’s Financial Services Regulatory Authority and Alpaca, a regulated broker and custodian, holds them in a bankruptcy-remote structure, in a trust for token holders. Primary minting and redemption are limited to KYC-onboarded institutional partners and Authorized Participants, using the same create-and-redeem model as traditional ETFs and ADRs.
Do I get shareholder rights like dividends or voting?
Coinbase Tokenized Stocks give you exposure to an underlying share. Dividends and splits are handled through an onchain multiplier rather than by changing your token balance. Your raw token count stays the same while the multiplier scales to reflect dividends (reinvested after applicable withholding and fees) and splits. Your share-equivalent value updates without breaking DeFi positions.
Where & how to trade
Where can I trade these tokens?
At launch, day-one liquidity for Coinbase Tokenized Stocks will be available on Aerodrome. This is where users can trade Coinbase Tokenized Stocks directly. Tokenized Stocks are also part of the broader Base ecosystem.
Are stocks highlighted on Aerodrome?
Users navigating to the Liquidity page on Aerodrome will find a new Stocks filter showcasing the available tokenized stocks on Aerodrome. Users can supply liquidity from this page.
Am I eligible to trade these?
Users from the following countries are excluded from trading Coinbase Tokenized Stocks: USA, UK, Canada, Australia, Singapore. Review the Aerodrome and Coinbase Terms of Service for any further restrictions. Eligibility is enforced at the interface level based on location.
Providing liquidity
Can I provide liquidity for these pools?
Yes. Liquidity pools for these assets are open to LPs, the same as any other Aerodrome pool.
How do I earn as a liquidity provider?
LPs can choose to earn AERO or trading fees generated by the pool. Check the app for current details.
DeFi & self-custody
Can I self-custody these tokens?
Yes. They’re B20 tokens, an extension of the ERC-20 token standard, compatible with any self-custody wallet.
Can these tokens be used elsewhere in DeFi?
Yes, they’re composable across DeFi protocols on Base.
How do stock splits and dividends work onchain?
The token uses an onchain multiplier to reflect corporate actions like splits and dividends, without breaking standard ERC-20 balances or disrupting how the token functions across DeFi apps.
Risk & disclaimers
Are there legal requirements for trading these tokens?
Yes. You may only access those securities if it is legal for you to do so in your country of residence. Furthermore, you are responsible for researching whether it is legal for you to access any token on the Website. Aerodrome does not offer, solicit, recommend or provide investment advice with regards to any tokenized securities. Nor does Aerodrome issue, underwrite, custody, price, recommend, solicit, execute, settle, or determine the registration or exemption status of tokenized securities. Because Aerodrome only provides neutral software infrastructure, you must do your own research regarding any legal requirements applicable to you individually.
What if I’m in a restricted region?
Users won’t be able to access these pools through the interface. Attempting to circumvent geo-restrictions may violate applicable terms of service.
*Source: Blockworks — Aerodrome Dashboard — Competitive Landscape.
Aerodrome: Onchain BTC-USD Spot Volume
Aerodrome: Onchain FX Spot Volume
Legal Note: Aerodrome (and its affiliates) do not offer, solicit, recommend or provide investment advice with regards to any tokenized securities. Nevertheless, tokenized securities may appear on the Website and it is important that users understand that tokenized securities are still securities subject to the same laws, regulations and restrictions as non-tokenized securities. As a result, Aerodrome (and its affiliates) do not issue, underwrite, custody, price, recommend, solicit, execute, settle, or determine the registration or exemption status of tokenized securities. Tokenized stocks are only available in eligible jurisdictions outside of the U.S.
