Coinbase Launches Tokenized Stocks on Base, Direct Share Claims

The notable design choice is the direct share claim rather than a synthetic or derivative wrapper, which puts the product closer to traditional custody and transfer-agent territory than most tokenized-equity experiments. That distinction matters for how regulators and brokers view the structure, and it affects whether other venues follow with similar claims or stick to synthetic exposure. The open question is whether the direct-claim model becomes the template for tokenized equities onchain, or remains a single-issuer approach.