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Token Terminal has added NVDAc to its tracking platform, giving the data analytics world its first clean look at a tokenized version of Nvidia stock that trades on-chain. The token, issued by Coinbase through its Onchain SPV Ltd entity, launched on August 24, 2026, on the Base blockchain and is designed to offer 1:1 economic exposure to Nvidia common stock.
Within two days of launch, NVDAc reached a market cap between $2.4 million and $2.63 million. Not exactly Nvidia’s trillion-dollar valuation, but for a tokenized equity product restricted to non-US investors and trading on decentralized exchanges, it’s a notable start.
How NVDAc actually works
NVDAc is structured as a B20-standard token issued under Abu Dhabi Global Market regulations. Each token is backed by Nvidia shares held in segregated custody, which means the underlying stock sits in a separate account rather than being commingled with other assets. Corporate actions like dividends get processed on-chain, so holders receive the financial benefits of stock ownership without ever touching a traditional brokerage account.
Trading happens on decentralized exchanges, not on Coinbase’s main platform. US persons are explicitly excluded from accessing NVDAc, a restriction that reflects the regulatory tightrope companies walk when tokenizing traditional securities.
NVDAc isn’t a solo act. Coinbase has rolled out a suite of tokenized stocks alongside it, including AAPLc for Apple, METAc for Meta, and GOOGLc for Alphabet.
Token Terminal’s expanding universe
Token Terminal now tracks over 4,600 tokenized assets, a staggering jump from roughly 300 earlier in 2026. Tokenized assets now carry a combined market cap exceeding $345 billion as of mid-August 2026.
The choice of Base as the underlying blockchain is also worth noting. Base is Coinbase’s own Layer 2 network built on Ethereum, which gives Coinbase end-to-end control over the infrastructure stack.
What this means for tokenized equities
Coinbase’s approach differs from earlier tokenized stock experiments by operating through a regulated special purpose vehicle in a jurisdiction that has explicitly created rules for this type of product. Earlier attempts by platforms like FTX and Binance to offer synthetic stock tokens ended poorly, either through regulatory crackdowns or, in FTX’s case, something far worse.
For eligible non-US investors, buying Nvidia stock through a traditional brokerage can involve currency conversion fees, international account requirements, and settlement delays measured in days. NVDAc settles on-chain, trades around the clock, and lives in the same wallet as the rest of someone’s crypto portfolio.
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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