Coinbase 在 Base 链上推出代币化股票

Coinbase tokenized stocks. That's a pretty big announcement. Jesse, welcome back to the podcast.

Thanks for having me. Excited to be here.

Tell me about this announcement. You guys are putting stocks on base. What are the details?

Yeah, so I think we think the whole world is going to move on chain. And [music] we're building base to be the blockchain for global finance. And so when you look at the world's assets, one of the biggest asset classes in the world is stocks, uh, equities. Um, and that's what we're doing. We're taking those stocks and equities, we're tokenizing them, we're putting them on base. That makes them 24/7, 365. It makes them globally available and it makes them instant, uh, fast, cheap to do anything with.

And I think, you know, the first thing that people are going to start doing is trading. Uh, you know, now you can trade that any app anywhere. But I think that that's really just the beginning. What comes next is people are going to be building borrowing lending experiences ac around them. They're going to be building ways for people to build yield. They're going to be, you know, issuing meme coins paired with them. We're basically just plugging this massive asset class into the programmable economy that is base and making it so that the world's innovators can now basically build anything with equities.

And so I'm super fired up about it. Uh and I think we're going to see a lot of adoption and innovation coming coming along. The product name is Coinbase tokenized stocks. Pretty straightforward. So there's a token on base. there's a share of a company somewhere just legally speaking because we need to, you know, brush our teeth, make our bed, do our homework, and get kind of the ba basics out of the way. How are these two things connected?

Like legally speaking, what's the legal structure here?

Yeah. Well, one of the things that we've really focused on uh is making it so that these are real onetoone stocks. And so, um, every tokenized stock has a onetoone representation that users have a direct claim on. Uh, we've done this in collaboration with Abu Dhabi and Alpaca. Um, and we think it's the best model for for to for tokenizing uh equities. Um, we think that this is going to lead to them um uh being more widely adopted, more trusted by consumers and institutions uh and just give better properties to the people who actually hold them.

Uh and so this I would say is the Coinbase way of doing things. Uh you I was talking with someone and um they said I feel like Coinbase is the Navy. Um, sometimes we move a little bit slow uh because you have to get boats around the world to get there, but we're always going to come

and when we come, we're going to come in force and we're going to be the people that people can always count on um to bring the best version, the most trusted version to market. And so that's what we've done with these tokenized stocks. Um, super excited to see what people build around them and how that trust leads to more adoption and growth.

What about all the nuances of owning a share of a company? So there's like uh governance rights, investor rights, there's dividends. H how do the how are the nuances handled around these uh around these things?

Yeah, absolutely. So on this you're going to have uh dividends um you're going to have a direct claim to those um you're going to have governance rights. Uh so these are going to again be one to one with US stocks. Um and I think that that is yeah that's what we focused on unlocking with this and I think again it's going to be a real differentiator for the product in the market. So, say I own a dividend paying stock.

How do I actually receive the dividend? Does it get like USGC gets sent to my wallet or mechanically? How does this work?

Yeah. So, these are they're they're set up to be rebasing. And so, that basically means that when the dividend comes, it'll basically get credited to the stock token. Um, and the balance will increase basically of how much of the stock it holds. Uh and then there's a multiplier directly in the token so that if you're uh kind of conser brokerage on top of it, you can show users, hey, you know, you just got this kind of increment that came in um and show the like direct one to one share, but also the value that your uh user is having from the dividend.

Okay, cool. So that's that's a slight difference than like your traditional brokerage where your traditional brokerage would show you like ah 75 cents from this dividend from you know this quarter or whatever. The way you guys do is you just take the cash dividends, you buy the Coinbase tokenized stocks, and that gets allocated. Everyone's balances get allocated a little bit.

Yeah, exactly.

It's basically a thing that lets us make these things more composable in the rest of DeFi. Um, if you're just paying out these dividends on top of them, uh, you could imagine there being like a fair amount of complexity with, okay, these are being held as collateral in this asset. Like, how does that actually work? versus um uh if you do this rebasing model, it unlocks a lot more composability across borrowing and lending and yield generation.

Um and so that's what we've opted in for. I I think that over time we're going to see a lot of uh kind of iteration and experimentation here and we're pretty open-minded on saying, hey, um as we have more of these stocks coming on chain and people want to hold them in different form factors, we're going to keep innovating on the way people can hold them. Um, and ultimately, I think this is one of the really powerful things with um, tokenization in general is when you're tokenizing an asset, you're bringing into this like almost infinitely uh, innovating environment where we don't really even know what people are going to build on top of the tokenized stocks that we launch.

Uh, but we know that they now have a touring complete uh, globally available supercomputer that they can build any financial application with them. Uh, and that I think is just going to be um something where I expect a lot more is going to come than you know even what we can anticipate today.

Do I need to do any KYC or get my address whitelisted to hold these tokenized stocks or are these freely permissionless, publicly available just like a normal token that I would have come to expect?

Freely permissionless, publicly available. Um, no KYC and they're uh they're restricted from US folks uh trading them at the interface layer. So you know uh folks are going to be applying their own kind of whitelisting or not whitelisting uh uh geo fencing uh and kind of adapting experiences for for US users there but on the blockchain on base um uh they're going to be fully open you can build anything with them they're not restricted uh you know they're not trading in certain pools they're going to be available on aer drrome and every other decks uh really excited to be basically making this permissionless asset available to everyone and we've had a we've had a great um partnership with um uh the the folks in Abu Dhabi who have really leaned with in with us to figure out how do we do this in a compliant and trusted way um while also making this the most powerful uh like programmable primitive to go into this new economy that we possibly can.

And so um it's been cool to get to work with them and uh just like see how forward thinking uh and and like kind of leaning into this onchain innovation that government's been and in particular the ADGM uh that's been kind of uh leading the the financial innovation in the country. What stocks are going to get tokenized first? Uh, so of all the stocks, there's a lot of stocks out there. I'm sure there's a lot of stocks that you base users don't really care about.

I'm sure there are a lot of stocks that a lot of base users do care about. How are you guys going about deciding which to do first?

Yeah, I mean, I think we're starting