Coinbase CEO: Tokenized Stocks Fully Backed by Real Securities

The notable claim here is structural rather than promotional: full backing by real securities, redemption into underlying shares and dividend pass-through put this closer to a wrapped-equity model than to synthetic exposure, which is the distinction regulators and institutions tend to probe first. Voting rights, still pending, are the remaining piece that would make the tokens functionally closer to the shares themselves. The stated target — global investors and institutions — suggests the pitch is as much about distribution and settlement rails as about the product. Whether the backing and redemption mechanics hold up under scrutiny, and how voting rights are ultimately implemented, is the open question.