Coinbase

Issued by Coinbase Onchain SPV Ltd., a Coinbase-controlled entity incorporated in the Abu Dhabi Global Market (ADGM), approved by the FSRA, owned through Coinbase Global's Onchain Marketplace Holdings subsidiary. For each token, the SPV holds one corresponding share via a segregated custody account at Alpaca Securities (a regulated broker and custodian) in a bankruptcy-remote structure supervised by ADGM's financial regulator; underlying shares are held in trust for tokenholders as bare trustee under a deed of trust.

MORE QUALIFIED THAN THE MARKETING SUGGESTS. Coinbase's public messaging ('a real share that you actually own,' 'dividends and voting rights') implies direct ownership. The actual prospectus is more limited: only 'Vested Holders' (KYC/AML-cleared) may send voting *instructions* to the issuer, which 'may try to' vote the custodied shares on their behalf, 'subject to applicable law, timing, and practical limits.' Unvested holders get economic exposure with no shareholder rights at all. Independent analysis (Galaxy Research) has explicitly pushed back on the 'real share that you actually own' framing, noting the holder's legal relationship still runs through an offshore SPV, not the underlying issuer — structurally closer to the third-party-wrapper model (xStocks, bStocks) than Coinbase's marketing implies, even though the rights bundle is richer than a pure debt certificate.

Not paid in cash — reinvested via an onchain multiplier that adjusts for dividends and corporate actions (same design family as xStocks/bStocks/Robinhood), sourced by a Coinbase-supplied multiplier feeding into Chainlink's price oracle. A 5% distribution fee applies to the gross dividend value, applied before the standard 30% US withholding tax for non-US persons.

Vesting gate confirmed (only KYC/AML-cleared 'Vested Holders' can redeem). Cash-vs-in-kind mechanics resolved: redemption is holder's choice among three options — the underlying stock (in-kind), U.S. dollars, or an accepted stablecoin such as USDC — per crypto.news's direct reporting on the product's terms. A 0.05% redemption fee applies; compliance reviews and market-settlement timing can delay payment, and Coinbase's own product page confirms redemption is gated to KYC'd participants but defers exact mechanics to per-stock prospectus documents not accessed in this pass.

Regulation S offering — unavailable to US persons. Americans cannot buy these tokens despite being Coinbase's largest customer base; the product targets eligible non-US jurisdictions.

Base, using the B20 token standard (a Rust-precompiled, Base-native ERC-20-compatible format).