Coinbase has expanded its experiment with tokenized equities by launching tokenized US stocks on Base, bringing additional real-world asset options into Ethereum-compatible DeFi. The rollout also includes an integration with Chainlink Data Feeds designed to supply ongoing price data so decentralized applications can value and use the tokens reliably.

As tokenized stocks continue to attract liquidity and new holders, the Coinbase–Base move underscores a growing push to make regulated, share-backed assets more usable onchain—whether for lending, trading, or structured products.

Key takeaways

• Coinbase’s tokenized US stocks started trading on Base, with Chainlink Data Feeds providing continuous pricing for DeFi integrations.
• The feeds are designed to reflect underlying stock prices while applying a Coinbase multiplier that accounts for dividends and corporate actions.
• Tokens are issued as B20 tokens on Base and are available to non-US users in eligible jurisdictions.
• Each B20 token represents a claim on an underlying share held through a regulated structure involving Alpaca under Abu Dhabi Global Market supervision.
• RWA.xyz data shows tokenized stocks at roughly $2.48 billion in total value, with monthly transfer volume reaching $27.28 billion and holder count above 2.1 million.

Chainlink Data Feeds power onchain pricing for tokenized equities

The tokenized stocks won’t be useful to most DeFi protocols unless they can be priced consistently and updated frequently. That’s the purpose of Chainlink’s Data Feeds for Coinbase tokenized equity products, which the project states will deliver continuous valuation data for the assets.

Chainlink’s documentation describes how the feeds value each token based on the underlying stock price plus a Coinbase-supplied multiplier intended to account for dividends and other corporate actions. The goal is to help DeFi platforms incorporate these assets into critical functions such as collateral valuation, trading, and automated product logic.

Chainlink Data Feeds are intended to cover major equities including Nvidia, Apple, Meta, and Alphabet. With that price feed layer in place, DeFi applications can more directly treat tokenized stocks as composable assets rather than relying on bespoke pricing approaches for each listing.

How Coinbase’s tokenized stocks are structured on Base

Base says the tokenized stocks are issued as B20 tokens on its network. The tokens are designed for broader accessibility: Base indicates they are available to non-US users in eligible jurisdictions rather than serving as a general product for every market.

Each token represents a direct claim on an underlying share that Base says is held through a regulated broker and custodian relationship. Specifically, the underlying shares are managed via a structure involving Alpaca under supervision overseen by the Abu Dhabi Global Market. Base also notes that users can hold the B20 tokens in self-custody wallets and trade them around the clock.

This matters for DeFi because it shifts tokenized equities from a “closed” issuance model toward an actively tradable onchain representation—something that can support continuous market access and integration with decentralized liquidity venues.

DeFi utility: collateral, trading, and structured use cases

Base positioned the launch around real DeFi integrations, highlighting ways tokenized stocks can be plugged into existing infrastructure. The platform points to lending markets where tokenized shares can serve as collateral, as well as decentralized exchanges where tokenized Apple shares, for example, could be supplied for trading or liquidity strategies.

In practice, this type of integration depends on two things working together: the token’s onchain transfer and custody model, and a reliable pricing feed. The Chainlink Data Feeds component is the technical bridge that allows lending platforms to assess collateral value and helps exchanges manage the token’s market-facing price inputs.

Base also indicated additional Coinbase tokenized stocks are expected to launch on Base in the coming weeks. For users and builders, the key watch item will be whether liquidity deepens as new tickers are added and whether DeFi protocols expand their supported collateral or routing logic beyond the initial listings.

Tokenized equities keep expanding, even as DeFi matures

The Base rollout arrives during continued growth in the tokenized stock sector. According to RWA.xyz data, tokenized stocks have reached about $2.48 billion in total value, up 5.2% over the past 30 days. The same dataset shows monthly transfer volume of $27.28 billion and a holder count surpassing 2.1 million.

Those figures suggest that tokenized equities are not just a niche issuance story—they are accumulating participants and circulation. Yet the practical value of the market is increasingly tied to integration depth: whether tokens can be used as collateral in major lending venues, accessed through decentralized trading, and reliably priced via oracle infrastructure.

The Coinbase and Base launch, backed by Chainlink pricing feeds, targets that integration gap directly. It also signals that the competition for RWA liquidity isn’t only about issuing tokenized shares—it’s about making them operationally compatible with DeFi’s core tooling.

What to monitor next

Readers should watch for how quickly new tokenized stocks roll out on Base, whether major DeFi protocols expand collateral support beyond initial assets, and how liquidity and holder growth respond as more tokenized equities become compatible with onchain pricing and lending workflows.

The U.S. Treasury Department has launched Operation Economic Outcast to target Iran’s international financial links, including cryptocurrency activity that American officials say supports sanctions evasion and the Islamic Revolutionary Guard Corps.

Operation Economic Outcast targets Iran’s financial links

The U.S. Treasury Department said President Donald Trump directed officials to begin Operation Economic Outcast as Washington seeks to cut Iran off from financial networks outside the country.

Under the campaign, Treasury plans to pursue people, companies, and intermediaries that it says help Iran sell oil, move money, avoid existing restrictions, or finance groups designated by the United States. Officials said they had already mapped facilitators, financial channels, and other networks used by Tehran.

“Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe,” Treasury said in its announcement.

The department presented Iran with two possible outcomes: continued isolation or a route back into the international economy. Reintegration, according to Treasury, would require the Iranian government to change conduct that Washington regards as a threat to the United States and its partners.

For foreign companies, Operation Economic Outcast also carries a warning about maintaining commercial ties with Iran. Treasury Secretary Scott Bessent said businesses and governments that work with the United States could benefit from that relationship, while parties that remain connected to Tehran could face similar isolation.

“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.”

The campaign follows his earlier declaration of an “Economic D-Day” against Iran, which he described as the financial endgame of the U.S. campaign. Operation Economic Outcast expands that approach beyond Iran’s domestic institutions by focusing on overseas companies, payment channels and facilitators accused of keeping its economy connected to global markets.

US Treasury puts Iran’s crypto sector under scrutiny

Digital assets form a named part of the campaign because the Treasury says Iranian officials and connected groups increasingly use cryptocurrency to conduct transactions outside traditional banks.

According to the department, Iran has turned to crypto for sanctions evasion and for payments linked to the IRGC and government insiders. Treasury did not identify specific wallets, exchanges or transaction amounts in the campaign announcement, but it said the Office of Foreign Assets Control has authority to sanction people operating in the crypto sector of Iran’s economy, regardless of their location.

A person does not become sanctioned solely because the Treasury has announced the campaign. OFAC would still have to designate the person or entity under the relevant U.S. authority, after which any property under U.S. jurisdiction would generally be blocked.

American individuals and companies are generally prohibited from providing funds, services, or other economic benefits to designated parties. OFAC’s rules can also cover entities owned at least 50% by one or more blocked persons, even when the subsidiary or affiliated company does not appear separately on a sanctions list.

For exchanges, custodians, stablecoin issuers and payment providers, a new designation may require updates to wallet-screening systems and customer controls. Non-U.S. companies may also face sanctions exposure when they knowingly facilitate certain dealings involving blocked Iranian parties.

Other industries named by the Treasury include technology, gold, aviation, and shipping. The department said Iran has used international networks in these sectors to sell oil, receive payments, and obtain goods despite U.S. restrictions.

Earlier actions froze Iran-linked crypto funds

Operation Economic Outcast follows several U.S. actions against Iran-linked exchanges, wallets, and companies during 2026.

On Aug. 7, OFAC sanctioned Shelbit, Aban Tether, and Iranian national Siavash Kayvanpour after alleging that they helped move funds connected to sanctioned parties. As crypto.news reported earlier, the Treasury said IRGC-linked addresses sent more than $1 million in cryptocurrency to Shelbit, while wallets connected to the exchange allegedly transferred more than $2 million to IRGC-controlled addresses.

Treasury also alleged that Kayvanpour-linked wallets sent more than $2 million to Nobitex, Iran’s largest crypto exchange. Shelbit’s former management denied knowingly participating in sanctions evasion, terrorism financing or money laundering and said the company stopped accepting new business in December 2025.

OFAC separately accused Aban Tether of processing funds involving Nobitex, Wallex, Bitpin, and Ramzinex. The four Iranian exchanges had been sanctioned in June after U.S. officials alleged that they helped restricted entities use the digital asset market.

In July, U.S. authorities froze $131 million in USDT held across four Tron wallets linked by the Treasury to Iran’s central bank. Treasury confirmed the freeze but did not publicly explain how the funds had been obtained or what transactions the holders intended to conduct.

An earlier April action resulted in approximately $344 million in USDT being frozen across two Tron addresses that American authorities linked to Iranian networks. Tether enforced the restriction through controls built into the stablecoin, leaving the funds immovable without altering the Tron blockchain.

Centralized stablecoins give issuers a direct way to freeze assets held in named addresses. Bitcoin does not contain the same issuer-controlled function, so blocking BTC generally requires control over private keys, cooperation from a custodian, or an exchange account subject to legal restrictions.

Treasury’s actions have also covered alleged Bitcoin use outside Iran’s exchange sector. On July 29, OFAC sanctioned two insurers after accusing HormuzSafe Marine Services Authority of accepting Bitcoin and other digital assets to avoid restrictions and generate revenue for the IRGC.

The public designation did not include wallet addresses, transaction hashes, or payment totals supporting the allegation. It also did not announce a seizure, criminal charge, or court ruling against customers who may have used the company.

Bitcoin holds near $79,000 after testing $80,000

Bitcoin showed little immediate reaction to the Treasury campaign, trading around $79,000 after reaching an intraday high near $80,000. The level remains a psychological barrier after the cryptocurrency’s recovery from prices below $65,000 earlier in August.

Before the Treasury announcement, BTC had come under pressure as Trump escalated a trade dispute with Canada. The president threatened 50% tariffs on Canadian-made vehicles, auto parts and steel beginning Jan. 1, 2027, while Canada said it would respond with tariffs on U.S. goods.

Currency markets reacted more clearly to the two policy developments. Reuters reported that the U.S. dollar index rose 0.17% to 98.99 after the Iran measures and Canadian tariff announcement, while the Canadian dollar fell 0.61% against its U.S. counterpart. Bitcoin later recovered to approximately $78,993, up about 2.1% during the session.

Strategy, Michael Saylor’s BTC holding company, has been under a lot of pressure, with shares plummeting 73% since July of last year.

However, more importantly, one of Strategy’s dividend instruments, STRC, which pays twice-monthly dividends on $100/share of par value, fell from parity on May 15 and has never returned.

That’s almost 100 days without being able to bring the preferred shares back to parity — and it’s a problem.

Trying to dig itself out of a hole

Despite Saylor, Strategy’s founder and executive chairman, making vague promises that no BTC would be sold (which he later clarified was in relation to his personal stash, not the BTC owned by Strategy), the company has sold almost 7,000 BTC worth nearly half a billion US dollars since June.

These sales have been used to prop up Strategy’s dollar reserves so they can ensure dividends to its preferred share holders.

Super League Enterprise has raised approximately $2.23 million through its first at-the-market stock offering since announcing a deal that would turn the Nasdaq-listed company into Metaplanet’s U.S. Bitcoin treasury platform.

According to an Aug. 21 prospectus amendment filed with the U.S. Securities and Exchange Commission, Super League sold 475,598 common shares for gross proceeds of approximately $2.23 million under an agreement signed three days earlier.

The filing did not disclose the average selling price for the shares or the net proceeds after commissions and other offering costs. Dividing the reported gross proceeds by the number of shares sold gives an average of roughly $4.69 per share, although the individual sales may have occurred at different prices.

With the first allocation completed, Super League amended the offering to make up to another $2.27 million of common stock available for sale. The added amount is new capacity rather than completed financing, leaving the company able to raise approximately $4.5 million in total if it sells the full second allocation.

Super League has expanded its ATM after selling 475,598 shares

Under the original Aug. 18 sales agreement, The Benchmark Company and StoneX Financial act as agents for the ATM program. Super League authorized sales of up to $2.229 million at prevailing market prices through methods permitted under Rule 415 of the Securities Act.

Rather than selling a fixed block to one investor at a negotiated price, the arrangement lets the agents place shares into the market over time. Super League can issue placement notices that set the number of shares, selling period, and any price limits applied to an order.

For each completed sale, Benchmark and StoneX receive a commission equal to 1% of the gross proceeds. Super League also agreed to reimburse specified expenses and provide the agents with standard indemnification rights under the contract.

The initial program could end after all $2.229 million of shares were sold or after either Super League or Benchmark terminated the agreement under its terms. Having sold approximately $2.228999 million, the company filed an amendment that authorizes up to $2.27 million of additional common stock.

Super League based the added capacity on a public float of approximately $13.5 million. Its calculation used 2,454,537 shares held by non-affiliates and a price of $5.50, the highest closing price for SLE during the preceding 60 days as of Aug. 18.

Because its public float was below $75 million, the company said General Instruction I.B.6 of Form S-3 limited public primary offerings to no more than one-third of its public float during any 12-month period. SLE closed at $4.03 on Aug. 21, according to the prospectus amendment.

Metaplanet’s Superplanet transaction remains subject to closing

Super League started the ATM program on the same day it announced a proposed investment from Metaplanet. As crypto.news previously reported, the Japanese treasury company has agreed to contribute 2,100 BTC and $2.5 million in cash for a controlling interest in Super League.

Valued at approximately $134.6 million when the agreement was signed, the investment will give Metaplanet 44,859,400 newly issued common shares priced at $3 apiece, 100 shares of convertible perpetual preferred stock, and warrants covering up to 381 million additional common shares.

The Bitcoin portion was valued at roughly $132.1 million using BTC’s closing price on Coinbase at 4 p.m. New York time on Aug. 14. While Bitcoin’s price may change before closing, the companies fixed the number of Super League shares that Metaplanet will receive.

After the transaction closes, Super League will take the name Superplanet and is expected to trade on Nasdaq under the ticker SUPA. Metaplanet would own approximately 95.7% of its outstanding common stock, or about 93.6% if existing pre-funded warrants are exercised.

Common shares issued to Metaplanet at closing, through warrant exercises, or from preferred-stock conversions will carry a five-year lock-up. Metaplanet will also have the right to appoint five directors to the initial nine-member board, while four existing Super League directors will remain.

For 24 months after closing, the Japanese company may purchase up to 2.1 million non-convertible junior preferred shares with a stated value of $100 each. Full use of the subscription right would provide Superplanet with another $210 million.

The transaction is expected to close in the fourth quarter of 2026, subject to approval from Super League shareholders, Nasdaq requirements, customary closing conditions and applicable procedures in the United States and Japan.

Superplanet would give U.S. investors Nasdaq-listed Bitcoin exposure

Once completed, the transaction would place 2,100 BTC inside a U.S.-listed company. The coins account for approximately 4.9% of Metaplanet’s reported 43,000 BTC holdings and would remain within the consolidated group rather than leaving Metaplanet’s balance sheet.

For American investors, SLE already provides exposure through the Nasdaq Capital Market. Superplanet would retain that listing while adding a Bitcoin treasury to Super League’s existing advertising and playable-media operations, which will continue as a separate business segment.

Metaplanet CEO Simon Gerovich described the planned structure as a way to raise capital through listed companies in Japan and the United States.

“Superplanet is how we build in America, the deepest capital market in the world,” Gerovich said when the transaction was announced.

Metaplanet expects the U.S. company to use its Bitcoin as collateral for possible perpetual preferred-stock offerings. According to the joint announcement, such securities could provide permanent capital without increasing the number of common shares, although no future preferred offering has been finalized.

At the parent-company level, Metaplanet has also been adding other financing channels in Japan. Days before revealing the Superplanet agreement, the company launched its BitBonds program through a 200 million yen private placement carrying annual interest rates of 4% to 4.3%.

Metaplanet will keep its treasury split across two markets

Metaplanet reported 43,000 BTC after adding 2,823 BTC during the second quarter. Its average acquisition price stood at approximately 15.3 million yen per coin, while the 2,100 BTC allocated to Superplanet will remain part of the Japanese company’s consolidated holdings after closing.

Questions about the balance arose in August when 5,014 BTC moved between addresses linked to the company. Gerovich later confirmed no sale had occurred, saying the coins had moved between custodians while the treasury remained at 43,000 BTC.

Metaplanet’s first-half financial statements showed total assets of 418.18 billion yen and net assets of 340.88 billion yen as of June 30. The company also reported that it had drawn $414 million from a $500 million credit facility secured by Bitcoin.

Super League will keep Matthew Edelman as chief executive after adopting the Superplanet name, while Metaplanet will select the board chairman. Metaplanet’s initial board appointees will include Gerovich, Frederick Towfigh and John H. Whitehouse III.

How is the plummeting value of the rial affecting Iranians?

Coinbase has brought four 1:1-backed U.S. stock products to Base, allowing eligible non-U.S. investors to trade Apple, NVIDIA, Meta and Alphabet exposure around the clock.

Base said in an Aug. 25 announcement that Coinbase Tokenized Stocks are now available natively on the Ethereum layer-2 network, moving a product previously offered by the exchange into an open onchain environment.

The initial list includes NVIDIA under the ticker NVDAc, Meta as METAc, Apple as AAPLc, and Alphabet as GOOGLc. Base published a separate prospectus and contract address for each asset, asking users to verify the address before buying because tokens outside the official list were not issued by Coinbase.

Coinbase tokenized stocks use beneficial ownership structure

Under the product’s legal structure, each B20 token represents a beneficial interest in an underlying share rather than a synthetic contract that only follows its market price.

Coinbase Onchain SPV Ltd., a Coinbase-controlled company incorporated in the Abu Dhabi Global Market, formally issues the securities. According to the NVIDIA prospectus, the Financial Services Regulatory Authority approved the document on Aug. 4 under ADGM rules.

For every token issued, the special-purpose company initially holds one corresponding share through a segregated custody account. The prospectus identifies Alpaca Securities, an SEC-registered broker-dealer and FINRA and SIPC member, as the broker and custodian responsible for buying, selling, and holding the underlying equities.

Deposited shares are held in trust for tokenholders, according to the filing. Subject to the validity of the trust arrangements under ADGM law, the assets would not form part of the issuer’s property if the special-purpose company entered bankruptcy or insolvency.

Base describes the tokens as beneficial claims that provide direct economic exposure to the listed companies. Although Coinbase has promoted the structure as “real 1:1 backed tokenized stocks,” the prospectus draws a distinction between beneficial exposure and direct registration as the legal owner of each underlying share.

Holders also do not receive automatic voting rights in the underlying company. The filing states that verified, or “vested,” holders may send voting instructions to the issuer, which may try to vote the custodied shares on their behalf, subject to applicable law, timing, and practical limits.

In July, crypto.news reported Base’s preparations after network founder Jesse Pollak acknowledged that Robinhood had moved first by placing stock-linked products in an Ethereum-compatible setting.

“We’ve been behind on this on Base and I’m frustrated that’s the case,” Pollak said at the time, adding that the companies were close to introducing 1:1-backed equities.

B20 brings tokenized stocks into Base DeFi

Once issued as B20 tokens, the stock products can sit in self-custodial wallets and interact with supported decentralized applications. Base lists Aerodrome for tokenized-stock liquidity, while Aave, Morpho, and Euler provide or plan lending and borrowing functions.

Other listed integrations include 0x, 1inch, KyberSwap, and CoW Swap for token exchanges. Chainlink supplies price data infrastructure, while LI.FI and Jumper support services connected with cross-chain transfers and swaps.

Such integrations allow one token to move through several applications. For example, an eligible holder may trade a stock token through a decentralized exchange and later use it as collateral within a supported lending market, depending on the rules and availability of each protocol.

Trading can continue outside regular U.S. exchange hours, including weekends and American market holidays. Traditional shares listed on Nasdaq or the New York Stock Exchange still trade within their established sessions, meaning prices on decentralized venues could move when the primary market for the underlying security is closed.

Base said additional tickers will be introduced over the coming weeks, subject to regulatory approval. New listings would use the same B20 framework, allowing applications already integrated with the standard to support subsequent assets without building a separate system for each stock.

The launch follows Coinbase’s June rollout of tokenized exposure tied to NVIDIA, Alphabet, Strategy, BitMine and SpaceX. At that time, Coinbase said its products would support onchain trading, redemption, and distributions connected to the underlying shares.

Dividends are reinvested after taxes and fees

The prospectus does not provide for dividends to be paid directly to holders as cash. Instead, the issuer generally reinvests distributions received from the underlying company into additional shares, increasing the amount of underlying equity represented by each token through an adjusted deposit ratio.

Before reinvestment, the structure applies U.S. withholding tax. According to the NVIDIA filing, dividends paid to non-U.S. holders are currently subject to a 30% withholding rate unless an applicable tax treaty lowers it.

The issuer also charges a distribution fee equal to 5% of the gross value of dividends or other distributions before withholding taxes and reinvestment. Corporate actions, fees, and other costs can also change the deposit ratio over time.

Verified holders may request redemption in the underlying stock, U.S. dollars, or an accepted stablecoin such as USDC. A 0.05% redemption fee applies, while the issuer, broker, and custodian may conduct identity, anti-money laundering, sanctions, and jurisdiction checks before processing the request.

Redemption is not the same as immediately selling the underlying stock at the price shown when an order is filed. The prospectus warns that compliance reviews, settlement procedures, and market transactions can delay payment, while the price received after a sale may differ from the value available when the holder submitted the order.

Users who acquire tokens through unregulated DeFi markets may remain “unvested” until they satisfy the issuer’s compliance requirements. According to the filing, unvested holders cannot redeem their tokens, receive the underlying shares, or submit voting instructions.

U.S. investors cannot access the Base stock tokens

Despite representing shares of U.S.-listed companies, Coinbase Tokenized Stocks on Base are not available to U.S. persons. The securities have not been registered under the Securities Act of 1933 or with any U.S. state securities regulator.

Coinbase offers the products under Regulation S, an SEC registration exemption covering certain securities transactions conducted outside the United States. The prospectus prohibits offering, selling, or delivering the tokens within the country or for the account or benefit of a U.S. person.

American customers can separately use Coinbase’s regulated brokerage service for conventional stocks and exchange-traded funds. Coinbase Capital Markets offers those securities through a FINRA-member broker, with execution, clearing, and custody handled by Apex Clearing, but the arrangement is separate from the B20 products available on Base.

Competition outside the U.S. has continued to grow. An August tokenized-market comparison placed the total value tracked by Token Terminal near $2.7 billion, with Ondo Finance leading issuers while Binance bStocks and xStocks each held more than $600 million.

A separate July volume analysis found that tokenized stock trading had risen 288% during the month, although a tokenized QQQ product accounted for most decentralized secondary-market activity.

Coinbase’s prospectus warns that holders may lose their entire investment and that token prices can diverge from the underlying shares because of liquidity, market closures or disruptions. It also states that SIPC rules do not directly address the custody structure, leaving uncertainty over whether protection in an Alpaca insolvency would apply separately to each holder or only at the issuer level.