PANews reported on March 10 that according to Backed’s official announcement, the tokenized version of Coinbase’s $COIN stock, $wbCOIN, is now available on the Base network. The token is 1:1 backed by $COIN stock, is freely transferable, and has a legal claim to the value of $COIN stock.

Currently, the $wbCOIN <> $USDC trading pair is online, and users can trade on CoWSwap, with liquidity provided by AerodromeFi. Backed emphasized that it has no connection with Coinbase and is only interested in the stock.

Previously, Base developer Jesse Pollak said that non-US users can already obtain tokenized COIN shares through Backed .

Last week, Coinbase also said it was resuming plans to tokenize its COIN shares and other securities in the United States .