Coinbase Tokenized Stocks bring individual US company shares onchain. Coinbase issues each as a B20 token on Base, linked to a share held in regulated custody. The share equivalent can change over time as the onchain multiplier is updated. Coinbase is licensed and authorized by the Abu Dhabi Global Market’s Financial Services Regulatory Authority.
The shares behind the tokens are not held by Coinbase or by Mo. They sit with Alpaca, a regulated broker and custodian, in a bankruptcy-remote trust held for the benefit of token holders. Each token is a beneficial claim on a real share, in custody separate from Coinbase.
Why that structure matters
Most things called a tokenized stock are not this. Synthetics and derivatives track a price without owning anything, so what you really hold is a promise from whoever issued the product. If that issuer runs into trouble, the price tracking is worth exactly as much as the issuer is.
A beneficial claim on a custodied share is a different kind of instrument. The share exists, a regulated custodian holds it, and the trust holds it for you rather than for the issuer’s balance sheet. Once issued, the token sits in your own self-custodial wallet and can be used across the Base DeFi ecosystem.
Who can buy them
Coinbase Tokenized Stocks are offered under Regulation S and available only in eligible jurisdictions outside the US. Mo turns them off based on where you use it from (your IP address): buying and selling are unavailable from the US or its territories, and from restricted jurisdictions. Issuer eligibility rules still apply, and being outside the US does not make a US person eligible. The rule comes from the issuer, not from Mo, and it applies on every Mo surface.
The rest of Trade is unaffected: crypto and currency stablecoins follow their own availability rules. Current coverage is published at mo.xyz/compliance.
They never close
The tokens trade 24/7 on Base. Weekends, overnight, market holidays: the onchain market keeps running whether or not the New York Stock Exchange does.
The headline price is for display: Mo shows a live US quote when available, labelled with its session, or the 24/7 onchain price otherwise, marked with a 24/7 pill. Portfolio value follows a separate rule. Mo uses a fresh Coinbase NAV when available; otherwise it uses a live US share price adjusted by the multiplier when that data is usable, then falls back to the onchain token price. The headline and portfolio valuation can differ.
Dividends and splits
Both are handled onchain, through a multiplier, and your token count never changes.
| Event | What happens |
|---|---|
| Dividend | Reinvested after withholding and fees, and reflected in the multiplier |
| Split | The multiplier moves so your position tracks the new share count |
This is why the app can show you a token balance and a share equivalent at the same time. Underneath, your position is tokens multiplied by the token price. The multiplier is the display transform that turns that into shares and a share price.
Verify the contract before you buy
Coinbase publishes the official list at base.org/stocks, with the contract address for every token it issues and the prospectus and legal disclosures behind them. Match the contract address against that list before you buy. If a token is not on the list, Coinbase did not issue it, whatever it calls itself. Mo only lists tokens from the official set, so this matters most when you are buying somewhere else on Base.
Trading them in Mo
Trade uses Nordstern as its primary execution provider, including for stocks. Uniswap may be used as a fallback when Nordstern cannot route an order or is unavailable, subject to jurisdiction checks. Orders involving a tokenized stock are unavailable when you use Mo from the US or its territories or from a restricted jurisdiction. Before you confirm, the quote shows provider conversion costs, network costs, and Mo’s 0.10% fee on standard trades; Mo Plus waives that fee.
One last thing worth saying plainly. These are real market instruments and their prices fall as well as rise. Nothing here is advice about whether to hold one.