Base is developing tokenized stock products backed 1:1 by underlying shares in partnership with Coinbase, positioning itself as an alternative to Robinhood Chain's derivatives-based approach.
Tech & Launches ·
Base is collaborating with Coinbase to develop tokenized stock products structured with a 1:1 backing by underlying shares, according to Base head Jesse Pollak. This approach differs from Robinhood Chain's recently launched tokenized stock offering, which relies on a derivatives-based model instead. Pollak acknowledged that Base is currently behind in this product category, but characterized Robinhood Chain's entry into tokenized stocks on an EVM environment as directionally sound.
The distinction between the two approaches centers on asset backing. Base's planned product would tie each token to actual shares held in reserve, whereas Robinhood's design uses derivatives exposure. The timing remains unclear—no launch date, regulatory pathway, or specific asset list has been disclosed for the Base-Coinbase tokenized stock offering.
Several operational details remain open: the mechanics of share custody, which markets or exchanges will supply the underlying securities, whether trading will be restricted by geography or investor type, and how the products will handle corporate actions like dividends and splits. The competitive landscape is still forming, with multiple blockchain teams now pursuing tokenized equity products.