Coinbase and Bybit Discuss Collaboration on U.S. Stock Tokenization and Custody

Tokenized equities are emerging as a bridge between traditional securities and blockchain markets, promising onchain transfer and settlement of instruments tied to listed companies. Coinbase is deploying the products on Base, its Ethereum layer-2 network, using a direct senior debt-claim structure rather than a purely synthetic token that only mirrors share prices. The distinction could prove important as exchanges compete to bring regulated equity exposure into crypto infrastructure.

Coinbase has launched an initial slate of tokenized stocks linked to Apple, Nvidia, Meta and Alphabet on Base, with Chainlink supplying price feeds. The instruments were issued under a new Abu Dhabi regulatory framework, marking a significant step in the push to move equity products onchain. The reports provided did not specify the launch date, issuance value or trading volume, leaving adoption and liquidity as the next key tests.

Tokenized equities bring exposure to publicly traded companies onto blockchain networks, allowing the assets to circulate within crypto trading and lending systems. Bybit offers the products through a partnership with tokenization platform Backed, whose tokens are designed to be backed 1:1 by the corresponding shares. Accepting them as collateral extends their utility beyond spot trading and could improve capital efficiency for holders.

Bybit said on July 31, 2026, that six tokenized US stocks, including instruments linked to Nvidia, Apple and Tesla, would be supported for margin trading and as collateral for crypto and institutional loans. The exchange did not disclose a new lending cap, interest rate or dollar value for the rollout. Collateral ratios, eligibility and availability remain subject to individual product terms and regional restrictions.

Coinbase is bringing traditional securities onto the blockchain, with plans to offer tokenized U.S. stocks backed 1:1 by underlying physical assets. Investors would hold the corresponding equity directly rather than merely gaining exposure through price-linked derivatives. The move underscores how crypto trading platforms are expanding into stock trading and asset tokenization.

Coinbase said it will launch its onchain stock service in eligible jurisdictions outside the United States, allowing users to hold and trade shares via blockchain and receive dividends automatically. CEO Brian Armstrong stressed that the products represent direct equity ownership. As of July 20, 2026, Coinbase had not disclosed an exact launch date, the initial list of stocks or its fee structure.

Coinbase, a U.S.-regulated crypto exchange, is reportedly in partnership talks with global exchange Bybit. The discussions focus on helping Bybit gain access to the regulated U.S. market while reducing compliance and operating costs. The potential deal shows how major centralized exchanges are using strategic partnerships to integrate trading, custody and distribution services as they evolve into cross-market financial infrastructure.

As of July 19, 2026, the companies were reportedly discussing tokenized U.S. stocks, asset custody and product distribution. The proposed arrangement leans toward a non-equity strategic investment rather than a direct acquisition of, or equity stake in, Bybit by Coinbase. No investment amount, ownership percentage, signing date or formal launch timetable has been announced, and neither company has publicly confirmed a final agreement.