Coinbase Brings Nvidia and Apple Stocks Onchain, But Weekend Trading Raises Liquidation Risks

Coinbase launched its tokenized U.S. equities on Base on Monday, bringing four major technology stocks onto the blockchain as transferable tokens. Eligible users outside the U.S. can hold the assets in self-custodial wallets without needing a traditional brokerage account.

The tokens, NVDAc, AAPLc, METAc and GOOGLc, mirror the performance of Nvidia, Apple, Meta and Alphabet. Chainlink serves as the designated oracle, supplying price information to around 50 Base applications that support the tokenized assets.

The significance of the launch goes beyond the four stocks themselves. Coinbase is simultaneously acting as the issuer, blockchain operator and one of the trading platforms. Meanwhile, Chainlink’s pricing infrastructure plays a crucial role in determining whether the tokens can simply track stocks or become functional collateral across DeFi applications.

Coinbase Enters a Growing $2.49B Tokenized Stock Market

Tokenized stocks have become an increasingly competitive sector, with the total value of onchain public equities reaching $2.49 billion, according to rwa.xyz. The market has grown 5.18% over the past 30 days and now has around 2.12 million holders, while monthly transfer volume stands at $27.28 billion.

Ondo currently leads the market with $872.7 million spread across 406 assets. Backed’s xStocks ranks second with $588 million, followed by Binance’s bStocks at $552.7 million. Coinbase currently sits in fourth place with only four tokens but has indicated that additional stocks could be added later.

The combined onchain value of Coinbase’s four tokenized equities was approximately $4.55 million late Monday. DEX liquidity stood at around $3.06 million, while trading volume over the previous 24 hours reached $10.8 million.

NVDAc was the largest of the four tokens, with 6,794.49 tokens in circulation across 1,745 holders, according to BaseScan. Its price closely followed Nvidia’s underlying stock, with NVDAc trading at $208.51 compared with Nvidia’s $208.48 close. AAPLc traded at $311.23 against Apple’s $310.34 closing price, while METAc changed hands at $558.50 compared with Meta’s $559.02 close.

Aerodrome provided the largest liquidity pools for all four Coinbase tokens. The DEX held $957,307 in liquidity for NVDAc and between $619,000 and $669,000 for the other three assets.

Aerodrome’s native AERO token traded at $0.5334, gaining 11.3% on the day and 29% over the week on $94.3 million in trading volume. The exchange had $265.8 million in total value locked against a market capitalization of $522 million.

Base itself holds $5.49 billion in total value locked, ranking fourth among blockchain networks behind Ethereum, BNB Chain and Solana, according to DefiLlama. As tokenized real-world assets expand, these networks are increasingly competing to attract the liquidity needed to support the growing RWA ecosystem.

Chainlink Pricing Creates a Weekend Trading Challenge

Chainlink’s feeds provide total-return values that account for factors such as dividends and stock splits instead of simply reporting raw share prices. The feeds operate five days a week and pause during certain corporate actions, while the tokenized stocks remain tradable around the clock.

That difference creates a potential issue for platforms integrating the assets. Base’s documentation tells developers to check the updatedAt field and impose limits on how old a price feed can be before using it. It specifically cautions against relying on a frozen price for settlements or liquidations.

For example, a lending protocol that ignores these safeguards could continue valuing collateral over the weekend using Friday’s stock price. If the underlying equity experiences a significant price change when markets reopen, that mismatch could create liquidation problems. The risk therefore comes from the mechanics of 24/7 token trading combined with stock markets and price feeds that operate on a different schedule.

The tokenized equities are issued by Coinbase Onchain SPV Ltd., which was incorporated in Abu Dhabi Global Market on June 17, 2026. The entity operates as a subsidiary of Onchain Marketplace Holdings Limited, which is owned by Coinbase Global.

Coinbase received permission from the Financial Services Regulatory Authority for its tokenization hub earlier this month after initially outlining its one-to-one backing structure in June.

According to the NVDA prospectus filed with the FSRA, SEC-registered broker-dealer Alpaca Securities LLC purchases and holds the underlying Nvidia shares in segregated accounts.

The SPV holds those shares as a bare trustee on behalf of token holders under a deed of trust. Creating tokens costs 1 basis point of the invested amount, while redemptions carry a 5-basis-point fee. Dividend distributions are subject to a 5% fee based on gross value before the 30% U.S. withholding tax applied to non-U.S. investors.

Minting and redemption are restricted to authorized participants that have completed KYC requirements, while secondary-market trading remains permissionless.

The prospectus also clarifies that one token does not necessarily represent a permanent one-share claim. A multiplier adjusts each token’s underlying entitlement as dividends are reinvested and stock splits occur. As a result, the number of tokens held can remain unchanged while the amount of the underlying equity represented by each token changes.

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