Tokenized Stocks
Stocks and ETFs become onchain, self-custodial, and programmable assets.
Nami natively supports Coinbase Tokenized Stocks on Base and Robinhood Stock Tokens on Robinhood Chain, coordinating their liquidity, swap fees, incentives, and emissions through the unified STOCK/USD market and OmniGauge.
What Are Tokenized Stocks?
Tokenized stocks are blockchain based assets linked to traditional stocks or ETFs.
The issuer holds the corresponding securities with a custodian and creates tokens backed 1:1 by the underlying assets.
The tokenized asset represents either a direct claim on the stock or the corresponding economic exposure.
Tokenized stocks provide onchain access to a US equity market worth more than $70T, with trading available 24/7, through self-custody wallets and DeFi applications.
Two Native Models
Nami supports both tokenized stock infrastructures.
Coinbase Tokenized Stocks
Coinbase Tokenized Stocks are issued on Base through B20, the network's native standard for fungible assets and real-world assets.
Each token grants its holder a direct and senior beneficial interest in the underlying security.
The corresponding shares are held 1:1 with Alpaca Securities within a regulated, bankruptcy-remote structure that is segregated from Coinbase's operating assets.
B20 remains compatible with ERC-20 while integrating features designed for compliance, supply control, and corporate action management.
These tokens can be held in self-custody, traded onchain 24/7, and used directly within compatible DEXs, lending markets, and other DeFi applications.
Robinhood Stock Tokens
Robinhood Stock Tokens are ERC-20 debt securities issued by Robinhood Assets (Jersey) Limited on Robinhood Chain, a blockchain built using Arbitrum technology.
Each token provides economic exposure to a specific stock or ETF and is backed 1:1 by the corresponding security held with a US-based authorized custodian.
Dividends and stock splits are managed through an onchain multiplier.
Chainlink price feeds incorporate the multiplier into the published value, keeping the token's nominal balance unchanged and preserving the continuity of DeFi positions.
Robinhood Stock Tokens can be held, transferred, and integrated into onchain applications through standard ERC-20 infrastructure.
Dividends and Corporate Actions
Both models use an onchain multiplier to manage dividends and stock splits.
When a company distributes a dividend, the proceeds are used to purchase additional shares, net of any applicable withholding taxes and fees. According to the issuers structure.
The multiplier increases the underlying value represented by each token while the nominal balance in the wallet remains unchanged. This helps preserve open positions across DeFi applications.
Mergers, acquisitions, name changes, and delistings are handled according to each issuer's procedures. These events may result in token updates, temporary trading suspensions, conversions, or redemptions.
The STOCK/USD Market
Nami brings supported tokenized stocks and ETFs together within a single multichain market category: STOCK/USD.
On Base, pools pair Coinbase Tokenized Stocks and USDC.
On Robinhood Chain, pools pair Robinhood Stock Tokens and USDG.
Each pool retains its own underlying asset, issuer, liquidity, and blockchain, while the Market Layer coordinates them as components of the same economic category.
STOCK/USD serves as the common gateway to Nami's onchain equity market.
From a single interface, users can explore and compare every available pool by volume, liquidity, yield, and chain, then choose where to provide liquidity.
Trading and Price Discovery
Tokenized stocks can be traded onchain 24/7, including when traditional markets are closed.
During market hours, price feeds publish the reference value of the underlying asset, while arbitrage helps keep onchain prices aligned with it. Outside market hours, feeds may retain the latest available value, while market prices continue to be determined by onchain supply, demand, and liquidity.
OmniGauge for Tokenized Stocks
OmniGauge coordinates every pool within the STOCK/USD market as a single voting category, aggregating rewards generated across Base, Robinhood Chain, and future supported networks.
Voters express a single voting preference from any supported chain and receive the rewards generated by the entire market.
Emissions are distributed among individual pools based on activity and demand for liquidity.
Risks and Restricted Jurisdictions
Tokenized stocks involve market, issuer, custody, regulatory and smart contracts.
When traditional markets are closed, wider spreads and temporary deviations from the underlying asset's price may occur. Corporate actions, suspensions, delistings, and regulatory changes may affect the tokens' characteristics and availability.
Access depends on the jurisdiction and eligibility requirements established by each issuer. Coinbase Tokenized Stocks and Robinhood Stock Tokens are available to eligible users outside the United States and are subject to additional geographic restrictions.
Review the Coinbase terms and the Robinhood Stock Token terms for the latest restrictions.
Market Expansion
The composition of STOCK/USD can evolve alongside the coverage offered by issuers.
As Coinbase, Robinhood, and future issuers introduce new stocks, ETFs, and indices, Nami can add new pools across supported blockchains.
Each new listing expands the trading and liquidity opportunities coordinated through the Market Layer and OmniGauge.