Coinbase Brings Tokenized Stocks to Ethereum L2 Base

This is a notable step in the convergence of traditional equities and on-chain finance, with Coinbase leveraging its own L2 and a regulated custodian to give tokenized shares DeFi utility rather than just passive exposure. The model's reliance on Alpaca's custody and the legal treatment of those tokens will determine whether other venues follow. The open question is whether demand for tokenized equities extends beyond crypto-native users, and how regulators respond to shares that can be deployed in DeFi.