Base founder Jesse Pollak said the Ethereum layer-2 network is working with Coinbase on a tokenized equities product backed 1:1 by underlying shares.
Summary
- Base and Coinbase now near 1:1-backed tokenized stocks designed to represent actual underlying equity ownership.
- Jesse Pollak says Robinhood Chain moved faster by placing tokenized equities directly in EVM markets.
- Coinbase’s planned model differs from Robinhood derivatives by backing each tokenized stock with real shares.
He also acknowledged that Robinhood Chain moved faster in bringing stock-linked assets into an EVM environment.
In a July 21 post on X, Pollak said Robinhood Chain had taken the “right” approach by putting tokenized equities on EVM-compatible infrastructure. He added, “we’ve been behind on this on Base and I’m frustrated that’s the case,” before saying Base was “close to fixing it with Coinbase.” Pollak did not provide a launch date, supported stock list or legal structure for the planned Base product.
Pollak said the planned model would use equities backed 1:1 by underlying shares, contrasting it with Robinhood’s stock-token structure. Coinbase announced in June that its planned tokenized stocks for non-U.S. customers would represent equity ownership and include dividend payments and shareholder rights. The company said each product would have one-for-one backing from the underlying asset.
However, neither Pollak’s post nor Coinbase’s earlier announcement explained how the companies would issue, custody or represent the shares on Base. Pollak said the model “should scale much better from a trust, capital efficiency, and institutional acceptedness,” but that statement reflects his view of the proposed structure. The companies have not released operating data for a Base-based product.
Robinhood Chain gives Base a model to chase
Robinhood launched Robinhood Chain mainnet on July 1 as an Ethereum-compatible network built partly around tokenized real-world assets. Pollak pointed to its EVM design as one feature Robinhood had “done right,” while drawing a distinction between Robinhood’s derivative products and the direct equity model he says Base and Coinbase are preparing.
Robinhood’s own disclosures state that its Classic Stock Tokens operate as derivative contracts under MiFID II. Customers do not own the underlying shares or receive shareholder rights such as voting. Robinhood says it holds assets supporting the contracts through a U.S.-licensed institution. The structure gives users exposure to stock prices but differs from direct ownership of the securities.
As crypto.news previously explained, tokenized stocks backed by real shares differ from stock-linked derivatives that only track market prices. Coinbase is positioning its planned product around asset backing, while Pollak is presenting Base as an EVM network where those assets could gain onchain functions.
Tokenized stocks become a larger RWA battleground
The competition comes as tokenized stocks grow within the wider real-world asset market. As crypto.news reported in July, RWA.xyz data placed the tokenized stock market at about $1.85 billion. Backpack also launched 24/7 trading for selected tokenized U.S. stocks and said its model provides direct ownership rather than synthetic exposure.
Coinbase has also made tokenized securities part of its wider financial platform strategy. In June, the company announced plans for 1:1-backed tokenized stocks for non-U.S. customers. As previously reported, Coinbase CEO Brian Armstrong has argued that tokenized stocks can support longer trading hours, fractional access and faster settlement.
The broader RWA sector has also grown.Crypto.news reported in May that tokenized real-world assets, excluding stablecoins, had reached roughly $31 billion to $34 billion. Tokenized equities remain a smaller segment, but products from Coinbase, Robinhood, Backpack and Kraken-backed xStocks are increasing competition over how public shares should move onchain.
Base still has key product details to disclose
Pollak’s post gives Base a clear product direction but leaves several details open. Coinbase has described its planned tokenized stocks as 1:1-backed assets with shareholder rights, while Pollak now says Base is close to supporting a related product. Neither party has confirmed whether the Base version will use exactly the same structure or whether users can freely transfer the assets between wallets and decentralized applications.
Regulatory access also remains unclear. Coinbase’s June announcement focused on non-U.S. customers, and Pollak did not say whether Coinbase will offer the planned Base product in the U.S. Robinhood offers its Classic Stock Tokens in Europe under a derivatives framework, while other platforms use different custody and ownership models.
Base already provides EVM-compatible infrastructure, while Coinbase has announced a separate 1:1-backed tokenized stock model. Pollak’s comments now connect those efforts more directly.
However, the companies still need to publish product terms before investors can compare the planned Base offering with Robinhood Chain on custody, ownership rights, transferability and market access.
