Coinbase Launches Fully Backed Tokenized US Stocks On-Chain

Coinbase has launched 1:1 fully backed tokenized US equities on-chain with automatic dividend functionality, going beyond derivative-based or IOU models used by rivals. Robinhood and Kraken are racing to follow, marking a structural shift in how equities can be traded and settled on blockchain infrastructure.

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This is a genuine structural event: tokenized equities backed 1:1 and settled on-chain with dividends represents a new layer of financial infrastructure that bypasses traditional brokerage and clearinghouse rails for equity exposure. Coinbase gains a first-mover advantage in a product that could attract both retail and institutional users who want programmable, composable equity exposure. Traditional stock exchanges, clearinghouses, and brokerages face a long-run disintermediation threat as on-chain settlement matures. DeFi protocols that can integrate tokenized equities as collateral or yield instruments gain new composability. Rivals Robinhood and Kraken face pressure to match or fall behind in a product category that could define the next decade of digital finance.