Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong highlighted Monday that the company's tokenized U.S. stocks are seeing significant growth. Armstrong characterized the launch as being in its "very early days" but noted "good traction so far." According to on-chain analytics firm Token Terminal, holders of Coinbase-issued stocks on the Base blockchain increased by 9,697% over the past month.
Token Terminal data indicates that the total number of asset holders reached 46,700. The tokenized versions of NVIDIA Corp. (NASDAQ: NVDA), Apple Inc. (NASDAQ: AAPL), and Tesla Inc. (NASDAQ: TSLA) are leading the chart in terms of interest.
Coinbase launched the tokenized stocks last month for eligible users outside the United States. The digital tokens represent a 1:1-backed direct claim on an underlying traditional stock held by a regulated custodian. These tokens carry dividend and voting rights. A key differentiator is that, unlike traditional stocks, Coinbase-issued stocks can be used as collateral for on-chain loans on platforms like Aave (CRYPTO: AAVE).
Beyond public stocks, Armstrong stated that Coinbase's tokenization ambitions extend to private companies, Treasuries, and investment funds. On a broader scale, the total value of the tokenized stock market was reported at $3.4 billion, with over 4 million asset holders and $70 billion in monthly volume.
On the price action front, Coinbase shares rose 0.47% in after-hours trading following the report. The stock closed 3.5% higher at $201.05 during Monday's regular session. Last week, the SEC created a five-year temporary regulatory pathway for trading certain tokenized U.S. stocks on blockchain-based venues, granting conditional exemptions from exchange and dealer-registration rules.
