Coinbase (COIN) said it plans to introduce tokenized stocks backed one-for-one by underlying U.S. equities, joining the growing competition among crypto firms and traditional financial companies to bring stocks onto blockchain networks.
In a post on X on Tuesday, the exchange said "the first real, 1:1 backed tokenized stocks are coming," allowing users to own, trade, hold and redeem the securities onchain while automatically receiving dividends.
The announcement comes ahead of a product event scheduled for 3 p.m. ET Tuesday, in which the company, best known as a crypto exchange, is expected to unveil a series of offerings spanning trading and financial services.
"For the first time, these are real 1:1 backed tokenized stocks you can trust," CEO Brian Armstrong said in a statement. "You own an actual piece of the company onchain."
Armstrong said the products differ from many existing tokenized stock offerings, which are often structured as derivatives or synthetic exposures rather than direct ownership interests.
"Other current solutions are some form of derivative or IOU — not real ownership," he said. "Our tokenized stocks will give all the benefits of true ownership (e.g. dividend upside), with all the benefits of tokenized assets."
Tokenized stocks are one of the fastest-growing areas of the digital asset industry as firms seek to move traditional securities onto blockchain rails. Supporters argue the technology can reduce settlement times, lower costs and allow assets to trade around the clock rather than only during market hours.
For investors outside the U.S., tokenized stocks promise easier access to capital markets in the world's largest economy. Instead of opening accounts with foreign brokers and navigating local restrictions, investors can gain exposure through blockchain-based platforms.
Competition in the sector has intensified this year. Kraken recently added tokenized U.S. stocks for customers in more than 180 countries through its xStocks platform, while Robinhood (HOOD) announced plans to offer tokenized equities in Europe. Gemini (GEMI), Bybit and other crypto exchanges have also explored similar products.
Tokenization is also gaining traction across traditional financial markets. Citi has projected that tokenized securities could grow into a multitrillion-dollar market by the end of the decade, while BlackRock (BLK), Franklin Templeton and JPMorgan (JPM) have all expanded tokenized fund and asset offerings.
Coinbase said the tokenized stocks will initially be available only in eligible jurisdictions outside the U.S. The company did not provide a launch date, saying only that the products are "coming soon."
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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