Armstrong Pushes Real-Share Model as Coinbase Expands
Coinbase CEO Brian Armstrong said tokenized stocks should represent real shares, giving investors ownership rights rather than simply tracking stock prices. Armstrong outlined the approach on X as Coinbase expands blockchain-based access to US equities for customers outside the US. Under the model, underlying shares would be held in custody, while tokens could include redemption and dividend features. Weve set the standard with Coinbase Tokenized Stocks. No synthetics or debt instruments, real fully-backed securities, redeemable for the underlying shares, with dividends integrated, and voting rights coming soon. That means access for global investors and institutions to the… Real shares behind tokens Coinbase launched Base-native tokens linked to Apple, Nvidia, Meta and Alphabet in August. The products use the B20 token standard and trade under the tickers AAPLc, NVDAc, METAc and GOOGLc. Related: Bitget 8-Year Evolution: From Crypto Exchange to Universal Exchange The tokens do not give holders direct ownership of the underlying companies. Coinbase Onchain SPV issues the tokens, while Alpaca Securities holds the corresponding shares. Legal ownership therefore remains with the trust rather than token holders. Redemption and voting limits Vested token holders can request redemption for underlying stocks, dollars or USDC, subject to eligibility checks and a 0.05% fee. Voting rights are exercised indirectly through the structure. Unvested holders









