Coinbase Takes Nvidia and Apple Shares Onchain, but Could Weekend Gaps Trigger Liquidations?

Coinbase has introduced tokenized versions of four U.S. technology stocks on Base, giving eligible non-U.S. users the ability to hold and transfer the assets through self-custody wallets without opening a traditional brokerage account.

The new tokens — NVDAc, AAPLc, METAc and GOOGLc — track Nvidia, Apple, Meta and Alphabet. Chainlink supplies the official oracle data, providing prices to roughly 50 Base applications that support the tokenized assets.

The launch is notable because Coinbase is involved at several levels of the system. The company serves as the token issuer and operates Base while also providing a trading venue. At the same time, Chainlink’s price feeds are a key part of the infrastructure, particularly if these assets are eventually used as collateral in DeFi applications rather than simply held as tokenized stock exposure.

Coinbase Enters the $2.49B Tokenized Equity Sector

Tokenized public equities have grown into a $2.49 billion market, according to rwa.xyz. The sector has expanded 5.18% over the past 30 days, with 2.12 million holders and monthly transfer volume of approximately $27.28 billion.

Ondo remains the largest participant with $872.7 million across 406 assets. Backed’s xStocks follows at $588 million, while Binance’s bStocks has around $552.7 million. Coinbase currently ranks fourth with four tokenized stocks and has indicated that its selection could grow.

The combined value of the four Coinbase tokens stood near $4.55 million late Monday. They were backed by approximately $3.06 million in DEX liquidity and generated around $10.8 million in 24-hour trading volume.

NVDAc accounted for the largest share, with 6,794.49 tokens outstanding among 1,745 holders, according to BaseScan. Its price closely tracked Nvidia’s stock, trading at $208.51 compared with the company’s $208.48 close. AAPLc traded at $311.23 versus Apple’s $310.34 close, while METAc traded at $558.50 compared with Meta’s $559.02 closing price.

Aerodrome supplied the deepest liquidity for each Coinbase token. Its NVDAc pool held about $957,307, while the other three pools contained between $619,000 and $669,000.

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

Base’s total value locked reached $5.49 billion, ranking fourth among blockchains behind Ethereum, BNB Chain and Solana, according to DefiLlama. The growing tokenization sector is intensifying competition between blockchain networks for liquidity and real-world assets.

24/7 Stock Tokens Could Create Weekend Liquidation Risks

The key issue is the mismatch between traditional stock-market schedules and the nonstop trading of tokenized equities.

Chainlink’s feeds publish total-return values that incorporate adjustments for dividends and stock splits rather than simply showing raw stock prices. The feeds operate during the traditional five-day market week and can pause around corporate actions, whereas the tokenized stocks remain tradable 24/7.

That difference means DeFi applications need to account for stale pricing. Base’s documentation tells integrators to check the updatedAt field and enforce staleness limits before using oracle data. It also cautions against relying on frozen feeds for settlements or liquidation events.

The risk becomes more apparent in lending markets. A protocol that values tokenized stock collateral using Friday’s closing price throughout the weekend could face problems if the underlying stock moves sharply before the U.S. market reopens. In that situation, outdated collateral prices could potentially trigger liquidations or leave the protocol undercollateralized.

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

Coinbase received FSRA approval for the tokenization hub earlier this month after describing its one-to-one backing model in June.

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

The SPV holds those shares as a bare trustee for token holders under a deed of trust. Token creation carries a fee of 1 basis point of the invested amount, while redemptions cost 5 basis points. Dividend payments are subject to a 5% distribution fee before the 30% U.S. withholding tax applied to non-U.S. investors.

Minting and redemption are available only to KYC-approved Authorized Participants, while secondary trading is permissionless.

The prospectus also clarifies that each token does not permanently correspond to exactly one underlying share. A multiplier adjusts the token’s claim as dividends are reinvested and stock splits take place. This allows token balances to remain unchanged even as the underlying equity entitlement represented by each token evolves.