PANews reported on June 17th that, according to The Block, Coinbase announced the launch of 1:1 backed tokenized US stocks, which users can buy, trade, and hold, and automatically receive dividends. The company stated that it will launch "the first truly 1:1 backed tokenized stock," where users can own actual tokenized shares on-chain, which can be traded, held, and redeemed, and automatically receive dividends. This is not a derivative or IOU (IOU). More details will be released Tuesday afternoon.

Coinbase's move comes as U.S. regulators and lawmakers discuss rules for trading tokenized stocks. Competitors such as Robinhood and Kraken are also offering on-chain versions of U.S. stocks.