Coinbase Puts Direct Share Claims at Center of Tokenized Stocks

Coinbase is positioning its tokenized stocks as direct claims on company shares, a structure that distinguishes the products from tokens that follow stock prices without giving holders a claim on the shares. The distinction is central to Coinbase’s overview of tokenized equities. It contrasts synthetic exposure, which tracks a stock’s price without conveying rights to the underlying share, with tokens backed one-for-one by actual shares. Coinbase’s post describes three models for tokenized equities, with ownership as a central distinction. Coinbase launched its tokenized-equity products Aug. 24. The first tokens represent shares in Apple, Nvidia, Meta and Alphabet.