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- Coinbase is evaluating tokenized shares on its Base network, highlighting the potential of on-chain securities but needing regulatory clarity for U.S. access.
- The $30 trillion tokenization market is drawing major players like Goldman Sachs, while U.S. regulatory hurdles slow adoption and innovation.
Coinbase is exploring the idea of introducing tokenized shares of its stock to users on its Base network. Jesse Pollak, Base’s lead developer, shared the update in a recent post, indicating that the company is evaluating how its Ethereum-based layer-2 solution could host such offerings.
every asset in the world will be on @base https://t.co/MwoJO1O2pO
— jesse.base.eth (@jessepollak) January 3, 2025
While no specific plans are in place yet, Pollak stated the potential for on-chain securities is enormous, envisioning a future where “every asset in the world will be on Base.”
Tokenized COIN shares are already available to international users through platforms like Backed, a real-world asset (RWA) protocol. However, extending that access to U.S. users faces significant regulatory obstacles. Pollak stressed the need for “regulatory clarity” to make this vision a reality.
Major Financial Players Rushing In the $30T Tokenization Market
As CNF earlier reported, the global market for tokenized real-world assets is estimated at $30 trillion. Recognizing the sector’s potential, major financial players are rushing to establish their footing. Goldman Sachs, for example, plans to launch three tokenization products this year to cater to rising client interest.
Even conservative forecasts paint a lucrative picture. Citigroup estimates that by 2030, tokenized digital securities could be valued at $4 trillion to $5 trillion, while other reports suggest tokenized illiquid assets could hit $16 trillion globally by the same year.
Coinbase’s exploration comes amid this growing momentum, reflecting broader trends in tokenization. From real estate to carbon credits, blockchain-based asset models are gaining traction, with protocols such as Toucan, KlimaDAO, and Propy leading the way in specific markets.
SEC vs Crypto—Over 100 Actions Filed
In the U.S., the regulatory environment poses a significant challenge. Under President Joe Biden, the Securities and Exchange Commission (SEC) has brought over 100 enforcement actions against cryptocurrency companies for alleged securities violations. Analysts argue that clear rules are vital for accelerating crypto adoption and enabling innovations like tokenized securities.
While progress has been made, the U.S. lags behind other major jurisdictions in developing a comprehensive legal framework for digital assets. Regulatory clarity, they argue, is essential to unlocking the sector’s full potential. This tension is not new to Coinbase, which has faced scrutiny from the SEC. Equities researcher Michale Miller highlighted the firm’s ongoing legal battles, saying in November:
We see Coinbase as a beneficiary of the election results as the firm has been struggling with regulatory pressure from the SEC. […] With the incoming Donald Trump administration expected to be more favorable to the cryptocurrency industry.
Market sentiment toward Coinbase has shifted positively in recent months. Following Trump’s election victory in November, COIN shares saw significant gains, with a 20% surge pushing the stock above $300 for the first time since 2021. Analysts believe that a pro-crypto administration could further ease the regulatory environment for Coinbase and other blockchain companies.
