Coinbase Tokenized Stocks are individual US company shares brought onchain. Each one is issued by Coinbase as a B20 token on Base and backed 1:1 by a share held in regulated custody. 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. US persons cannot buy them, and neither can people in restricted jurisdictions. 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.
That leaves Mo with two possible prices, and it picks by freshness rather than by the clock. When a live US quote exists, that is the headline, labelled with its session, whether that’s the regular session, pre-market, after-hours, or overnight. When no live quote exists, the headline is the 24/7 onchain price, marked with a 24/7 pill and a change measured since the US close. Whatever the headline shows is what your portfolio total is computed from.
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
An order that touches a tokenized stock on either leg routes through Coinbase’s stocks vendor. Everything else in Trade routes through OKX DEX. Either way the quote shows what you pay before you confirm: the vendor’s conversion cost, the network cost, and Mo’s integration fee, which is 0.10% for Free members and 0% for Mo Plus members.
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.