Token Terminal lists GOOGLc, a tokenized representation of Alphabet stock on Base blockchain

Token Terminal has added GOOGLc to its tokenized assets dashboard, giving its users a way to track a blockchain-based version of Alphabet Inc.’s Class A shares. The token, which carries a market cap of roughly $1.5 million, represents a beneficial interest in actual Alphabet shares held in segregated custody on a 1:1 basis.

It’s a small number relative to Alphabet’s trillion-dollar-plus valuation. But the listing sits inside a much bigger trend: the tokenized assets category that Token Terminal tracks now exceeds $345 billion in total market capitalization.

How GOOGLc actually works

GOOGLc is issued by Coinbase Onchain SPV Ltd., an entity registered in the Abu Dhabi Global Market. The token lives on Base, Coinbase’s Layer 2 network built on Ethereum.

For every GOOGLc token in circulation, a corresponding Alphabet share is held in custody by Alpaca Securities.

The product is designed specifically for non-US eligible users. US securities law makes offering tokenized versions of publicly traded stocks to American investors a legal minefield, so issuers like Coinbase’s SPV route these products through jurisdictions with clearer frameworks, like Abu Dhabi.

What non-US holders get in return is 24/7 transferability. Traditional stock markets close at 4 PM Eastern and take weekends off. GOOGLc trades whenever the blockchain is running. Holders can also potentially plug these tokens into decentralized finance applications, using a tokenized Google share as collateral or integrating it into on-chain portfolio strategies.

Token Terminal’s broader RWA tracking push

Token Terminal launched its dedicated Tokenized Assets dashboard in November 2025, and it has since grown to cover more than 4,600 individual assets. The dashboard spans tokenized stocks, bonds, treasuries, and other real-world assets. The $345 billion figure for total tracked market cap is dominated by stablecoins, but the equity slice is growing.

GOOGLc launched on approximately August 24, 2026, alongside other tokenized equities, suggesting a coordinated rollout rather than a one-off experiment. The initial on-chain trading data showed liquidity forming across decentralized venues, though volumes remain modest at this stage.

For Token Terminal, the move reflects a strategic pivot. The platform built its reputation tracking crypto-native protocol metrics like fees, revenue, and total value locked. Adding asset-level tracking for tokenized real-world securities positions it as a bridge between traditional financial data and on-chain analytics.

The state of tokenized equities

The appeal is clearest for investors in regions where accessing US stock markets is expensive, slow, or restricted. A retail investor in Southeast Asia or Africa who wants exposure to Alphabet doesn’t need a US brokerage account or to navigate international wire transfers. They need a crypto wallet and access to the right platform.

GOOGLc’s $1.5 million market cap means the total on-chain representation of Alphabet shares is roughly what a single mid-tier NFT collection might hold in its treasury. Alphabet’s daily trading volume on Nasdaq regularly runs into the billions.

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