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Token Terminal, the on-chain analytics platform that tracks thousands of crypto assets, has added AAPLc to its listings. The token is a blockchain-based representation of Apple stock, issued by Coinbase on the Base network, and it currently sits at a market cap of roughly $1.29 million.
What AAPLc actually is
AAPLc is part of Coinbase’s broader tokenized stocks program, which launched on August 24. Each AAPLc token represents a 1:1 beneficial interest in an actual Apple share. The underlying shares are held by Alpaca Securities, which serves as the regulated custodian under the oversight of the Abu Dhabi Global Market.
The structure is designed to be bankruptcy-remote. That means if something goes sideways with the issuing entity, Coinbase Onchain SPV Ltd, the Apple shares backing the tokens are held separately and shouldn’t get tangled up in any insolvency proceedings.
With approximately 4,166 tokens in circulation, AAPLc trades at a price that closely tracks Apple’s stock, which hovers around $310 per share. The token lives on Base, Coinbase’s Layer 2 network, and uses the B20 token standard. Holders keep their tokens in self-custody wallets, and the tokens are composable within Base’s DeFi ecosystem.
There’s one significant caveat: AAPLc is only available to eligible non-US investors. American users are locked out, which reflects the regulatory tightrope that tokenized securities still walk in the US market.
The bigger Coinbase tokenized equities picture
AAPLc isn’t flying solo. Coinbase launched it alongside similar tokens for Nvidia (NVDAc) and Meta (METAc), among others. The combined market cap across the initial batch of four tokenized stocks reached approximately $4.55 million at launch, with more than $3 million in liquidity deployed on decentralized exchanges.
Daily trading volume across these tokens hit $10.8 million within the first days of trading. The primary venue for trading these tokens is Aerodrome, the largest DEX on Base. Trading runs 24/7, which means if Apple drops guidance at midnight, holders can react immediately rather than sweating through the overnight session.
Token Terminal’s decision to track these assets is notable in itself. The platform now covers more than 4,600 assets across multiple blockchain networks. Adding tokenized equities represents a meaningful expansion of scope, treating on-chain representations of traditional stocks with the same analytical rigor applied to native crypto protocols.
Why tokenized stocks keep coming back
This isn’t the first time the crypto industry has tried to tokenize equities. Previous attempts, including offerings from FTX and Binance, ran into regulatory walls or collapsed alongside the platforms that hosted them. FTX’s tokenized stocks, for instance, became worthless overnight when the exchange imploded in late 2022.
The Coinbase approach differs in a few structural ways. The ADGM regulatory framework provides a recognized legal wrapper. The bankruptcy-remote custody through Alpaca Securities addresses the counterparty risk that sank earlier attempts. By restricting access to non-US users, Coinbase avoids the SEC’s jurisdiction entirely.
Because AAPLc is a standard token on Base, it can theoretically be used as collateral in lending protocols, added to liquidity pools, or bundled into on-chain index products. That kind of financial Lego-building is impossible with traditional brokerage shares.
What to watch from here
The $10.8 million in daily trading volume relative to the $4.55 million combined market cap is an encouraging early signal. Token Terminal’s listing creates another layer of transparency, making it easy for anyone to verify market caps, trading volumes, and holder distributions in real time.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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