Coinbase’s tokenized stock product went live on Base on August 24, 2026, and third-party protocols had already built carry trade vaults on top of it two days later. The product, Coinbase Tokenized Stocks, uses B20 tokens representing 1:1 claims on U.S. shares held in regulated custody by Alpaca. Its initial lineup includes Apple (AAPLc), Nvidia (NVDAc), Meta (METAc) and Alphabet (GOOGLc). Aave, Morpho, Euler and Aerodrome accepted the tokens on launch day, while Chainlink supplies price feeds for lending-market valuations and liquidation decisions. About $4.55 million of tokenized stocks were minted on launch day, $3.06 million in DEX liquidity was seeded, and trading volume reached $10.8 million. The structure lets users post tokenized equities such as NVDAc as collateral, borrow stablecoins and deploy them into yield strategies, potentially creating leveraged equity exposure with an attached yield stream. Because B20 tokens trade continuously, positions can also be managed on weekends and holidays when U.S. equity markets are closed. Coinbase’s status as a regulated U.S. entity, its U.S. broker-dealer license and Nasdaq listing give the product a different institutional profile from earlier offshore tokenized-stock offerings. Chainlink’s oracle integration also addresses a key DeFi security requirement by providing pricing data used to prevent unsafe lending and liquidations.