Coinbase Global, Inc. (COIN) has set a new standard for tokenized stocks: real securities, fully backed by underlying shares, with dividends and voting rights built into the model.

But Nasdaq, Inc. (NDAQ) is putting $100 million behind Kraken's parent company, Payward, as Wall Street moves to build its own rails for the same onchain future.

Coinbase Wants the Standard

Coinbase CEO Brian Armstrong says the company's tokenized stocks give eligible non-U.S. investors 24/7 access to U.S. equities through blockchain-based tokens, with each token backed 1:1 by an underlying share held in regulated custody.

The bigger opportunity, however, may be the infrastructure that makes those assets tradable, programmable and usable across digital markets.

Armstrong argues Coinbase's approach is not simply creating a token that tracks a stock's price. Its tokens represent a beneficial claim on real shares held in bankruptcy-remote custody, while dividends and stock splits are reflected onchain. The company designed the assets to work across the Base ecosystem, where they can be traded, lent and used as collateral around the clock.

That distinction matters because tokenized equities currently span very different structures. Some provide a legal claim on an underlying security, while synthetic or derivative products can provide price exposure without ownership or governance rights.

Coinbase is effectively betting that investors will eventually demand the former.

Nasdaq Wants the Rails

Nasdaq, meanwhile, is betting on Payward, expanding a partnership to develop Nasdaq Equity Tokens. It expects those tokens to launch in the second quarter of 2027.

While Nasdaq brings a regulated market infrastructure, Payward brings Kraken's crypto-native trading platform and xStocks infrastructure. The companies say they want tokenized equities to move across market environments while preserving ownership rights, transparency and governance.

That makes the Coinbase-Nasdaq rivalry bigger than a fight over who gets to sell tokenized versions of Nvidia Corp (NVDA) or Apple Inc (AAPL).

The Real Prize Is Wall Street's Plumbing

Tokenized equities remain tiny—Reuters estimates the market at $3 billion with under $30 billion in monthly volume—making the infrastructure race crucial.

While Coinbase integrates tokenized stocks into DeFi using Chainlink pricing oracles on Base, Nasdaq aims to connect blockchain assets directly to TradFi.

The ultimate winner won't just list tokens; it will own the bridge connecting traditional securities to an always-on financial system.

Why It Matters

The key signal for investors is clear: tokenization is shifting from a crypto novelty into a high-stakes infrastructure battle. Coinbase is betting on native DeFi integration, while Nasdaq relies on traditional Wall Street credibility.

Real scale won't happen overnight. Watch for regulatory clarity, investor adoption and—crucially—whether public companies begin issuing tokenized shares with full voting and corporate rights.