Base and Coinbase Pivot Toward 1:1 Tokenized Equities

Pollak’s admission follows a frank critique of the current landscape, where he acknowledged that Robinhood Chain gained a competitive edge by integrating tokenized equities into an EVM-compatible environment earlier. While Robinhood’s existing stock tokens function as derivative contracts—offering price exposure without voting rights or direct asset custody—the proposed Coinbase model promises a 1:1 backing. This structure aims to provide users with tangible shareholder rights, including dividend eligibility and formal equity ownership.

The race to dominate the real-world asset (RWA) market is intensifying as firms like Backpack and platforms utilizing Kraken-backed xStocks enter the fray. With the tokenized stock market currently valued at approximately $1.85 billion, Coinbase is leveraging its broader financial platform to expand access to fractional shares and extended trading hours. Despite the momentum, critical details regarding the Base product—such as the specific list of supported stocks, regulatory clearance for U.S. customers, and the underlying legal custody framework—remain undisclosed. As of now, the industry awaits a formal release of operating terms to determine how these assets will function across decentralized applications and private wallets.