Coinbase launched tokenized US stocks on its Base blockchain on Monday, joining other crypto exchanges in the race to bring stock trading on-chain. The tokenized stocks are available to eligible investors outside the US and are backed 1:1 by underlying shares held by regulated broker-dealer and custodian Alpaca. The product is issued under Coinbase's newly established Abu Dhabi Global Market (ADGM) regulatory framework, with each token representing a direct claim to the underlying stock and reflecting dividends and stock splits. Investors can trade them 24/7 on supported on-chain platforms like the DEX Aerodrome and use them in DeFi applications, such as collateral for lending. Coinbase also partnered with Chainlink to provide continuous price data for these tokenized stocks.