Coinbase Adds Six Tokenized Stocks on Ethereum (ETH) L2 Base After $227.7M Debut Volume

Six New Tickers Join Base

Coinbase has broadened its tokenized equity lineup on Base, the Ethereum (ETH) layer-2 network, adding six new stock tokens just under two weeks after the initial launch. Base confirmed on Sept. 4 that Amazon (AMZNc), Microsoft (MSFTc), Strategy (MSTRc), SanDisk (SNDKc), SpaceX (SPCXc) and Tesla (TSLAc) are now live onchain, lifting the roster to 10 tickers. The first four — Apple, Alphabet, Meta and Nvidia — went live on Aug. 24 under the exchange's B20 standard, which represents a beneficial interest in shares held through regulated custody rather than a purely synthetic price tracker. On-chain DEX data from Token Terminal places trading volume for the Coinbase-issued stock tokens at $227.7 million across Base decentralized exchanges in the 30 days before the expansion, with daily activity peaking above $33 million; an earlier snapshot had shown $124.8 million, of which NVDAc alone accounted for $71.6 million, or 57% of the total at that point. Each B20 token is issued by Coinbase Onchain SPV Ltd., an entity domiciled in the Abu Dhabi Global Market, with Alpaca Securities — an SEC-registered broker-dealer and FINRA and SIPC member — acting as broker and custodian. The underlying shares sit in segregated, bankruptcy-remote custody, and dividends are generally reinvested into additional shares through an onchain multiplier that adjusts the value each token represents, leaving wallet balances untouched during stock splits. The assets are designed to be composable: Aerodrome supplies decentralized trading liquidity, Aave, Morpho and Euler support or plan to support lending markets, and Chainlink oracles feed price data to integrating applications, while transfers across the layer-2 settle at a fraction of mainnet gas fees. Access is geofenced — the products are offered under Regulation S and remain unavailable to U.S. persons, who are directed to the separate Coinbase Capital Markets brokerage. Even holders who acquire B20 tokens on open markets must pass identity, sanctions and jurisdiction checks before redeeming them for underlying shares or stablecoins, with verified redemptions carrying a 0.05% fee.

Token Terminalhttps://x.com/tokenterminal/status/2095205471057858921

Single-Stock Perps Move Onshore

On a parallel track, Coinbase is working to bring single-stock perpetual futures to the United States. The company said in an official post on X that its derivatives exchange and broker filed SEC-notice registrations this week and that it will collaborate with both the SEC and the Commodity Futures Trading Commission to bring major financial products onshore. Per the filing documents attached to that announcement, Coinbase Derivatives — registered with the CFTC as a designated contract market — submitted Form 1-N, dated Sept. 1, to notify-register with the SEC as a venue trading security futures products. Coinbase Financial Markets, a CFTC-registered futures commission merchant, filed a Form BD-N the same day to register as a broker-dealer limited to those instruments. Single-stock futures fall under the security futures product classification, making them jointly regulated by the SEC and CFTC, and the company's chief policy officer identifies CFTC approval of the products as the next stage. Coinbase has not disclosed a launch timeline or which tickers would reach U.S. customers. The exchange already runs equity perpetuals for eligible non-U.S. users, a service live since March 20 covering single names such as Apple, Nvidia and Tesla alongside index ETFs including SPY and QQQ. Perpetual futures, unlike dated contracts, carry no expiry and track the underlying through funding-rate mechanics familiar to crypto traders. The onshore derivatives push complements the exchange's recent 24/7 gold and silver futures in the U.S., part of a broader effort to move traditional financial products onto regulated crypto rails. For now, American investors remain excluded from both the B20 tokenized shares and the international perps platform, making the SEC filings the gating step for domestic access. Readers tracking the market in real time can follow live spot and futures prices on Binance.

official post on Xhttps://x.com/coinbase/status/2095598512557772927?ref_src=twsrc%5Etfw

Two-Track Equities Strategy

Read together, the two moves sketch a deliberate strategy: tokenized spot exposure distributed on an Ethereum layer-2 for international users, and a regulated derivatives pathway aimed at bringing U.S. traders onshore — a race that also draws RWA-focused networks such as Lumia. The demand behind the first track is measurable in the primary on-chain DEX data cited above, which shows volume accelerating after the August launch rather than fading. The second track hinges on regulatory sequencing: Form 1-N and Form BD-N are procedural notices, and CFTC product approval remains the true gate. Whether perpetuals and B20 tokens eventually converge in one U.S.-compliant stack is the question that will define Coinbase's equities roadmap into 2027.