Coinbase to join tokenized stock race with onchain shares, dividend payments
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- Coinbase plans to introduce tokenized stocks backed one-for-one by underlying U.S. equities, allowing users to own, trade, hold and redeem the securities onchain while automatically receiving dividends
- Brian Armstrong said the new products differ from many existing tokenized stock offerings by providing direct equity ownership rather than derivative or synthetic exposure, calling competitors' products "some form of derivative or IOU — not real ownership"
- Coinbase's tokenized stocks will initially be available only in eligible jurisdictions outside the U.S., with the company declining to provide a specific launch date beyond "coming soon"
- Kraken has already added tokenized U.S. stocks for customers in more than 180 countries through its xStocks platform, while Robinhood announced plans to offer tokenized equities in Europe and Gemini and Bybit have explored similar products
- Citi has projected that tokenized securities could grow into a multitrillion-dollar market by the end of the decade, while BlackRock, Franklin Templeton and JPMorgan have all expanded tokenized fund and asset offerings
Why it matters: The non-U.S.-only launch sidesteps SEC regulation while Coinbase enters a market where Kraken already serves 180+ countries — meaning Coinbase is late to distribution but betting Armstrong's "real ownership" pitch can win the segment that cares about actual equity claims rather than derivative exposure. Tokenized stocks are increasingly being treated as a multitrillion-dollar opportunity by Citi, and Coinbase's direct-ownership framing directly attacks the structural weakness of the products already on offer.
