MV Capital - Base and Coinbase Prepare 1:1 Backed Tokenized Equities to Compete in Growing RWA Market

Coinbase-backed layer-2 network Base is closing in on a launch of directly backed tokenized stocks for non-US users, following Robinhood Chain’s earlier entry into EVM-based offerings

Pollak Acknowledges Competitive Lag

Jesse Pollak, the creator of Base, publicly recognized that Robinhood Chain had successfully introduced tokenized equities within an Ethereum-compatible environment ahead of his network. In a post on X, Pollak expressed frustration over Base trailing in this area but indicated that collaboration with Coinbase is advancing a solution.

The acknowledgment highlights the intensifying competition among major platforms to bridge traditional equities with blockchain infrastructure. Robinhood Chain launched its mainnet in early July, positioning tokenized assets as a core feature.

One thing Robinhood Chain has done right is have tokenized equities in an EVM environment. We've been behind on this on Base and I'm frustrated that's the case. But we're close to fixing it with Coinbase.Jesse Pollak

Distinct Approaches to Tokenization

Base and Coinbase plan to offer tokenized equities backed one-to-one by underlying corporate shares. This structure is intended to provide users with actual ownership rights, including potential dividends and voting capabilities, differentiating it from derivative-based products.

In contrast, Robinhood’s Classic Stock Tokens function as MiFID II-regulated derivatives. Users gain price exposure without direct ownership of the shares or associated shareholder rights. The underlying assets are held by licensed custodians.

Platform	Token Type	Ownership	Shareholder Rights
Base / Coinbase	1:1 Backed Equities	Direct	Yes (dividends, voting)
Robinhood Chain	Classic Stock Tokens	None	No

Pollak emphasized that the 1:1 model should offer advantages in trust, capital efficiency, and appeal to institutional participants. Coinbase previously announced plans for such products targeted at international clients, excluding US users due to regulatory considerations.

Market Context and Broader RWA Trends

The tokenized equities segment has reached approximately $1.85 billion in value, forming part of a larger real-world asset market estimated between $31 billion and $34 billion excluding stablecoins. Platforms including Backpack and Kraken-supported xStocks are also advancing similar offerings, contributing to rapid sector growth.

This development aligns with Base’s strategic shift toward financial applications, trading, payments, and tokenized assets. The network had earlier prioritized social and creator-focused products but is now emphasizing more robust DeFi and RWA use cases.

We’ll have 1:1 backed equities (vs. Robinhood’s derivatives) that should scale much better from a trust, capital efficiency, and institutional acceptedness.Jesse Pollak

Details regarding custody arrangements, specific stocks supported, transfer mechanisms, and exact launch timing remain undisclosed. Execution of compliant on-chain ownership and integration with decentralized applications will be critical for adoption.

Implications for On-Chain Finance

Successful implementation could enable programmable features such as lending and automated portfolio management for tokenized stocks on Base. The move underscores efforts by established crypto platforms to expand access to traditional markets through blockchain technology while navigating complex regulatory landscapes.

Robinhood Chain has quickly gained traction, rivaling Base in areas like daily DEX volume and active users shortly after launch. Analysts note Robinhood’s established retail brokerage user base as a potential advantage in driving on-chain activity.