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What is Microsoft Corporation (Coinbase Tokenized Stock) (MSFTc)?

Quick Facts

  • Issuer: Coinbase Onchain SPV Ltd
  • Underlying asset: Microsoft Corporation (MSFT) common stock
  • Blockchain: Base (Ethereum Layer-2 by Coinbase)
  • Token standard: B20
  • Custodian: Alpaca Securities LLC (SEC-registered broker-dealer)
  • Price oracle: Chainlink tokenized equity feeds
  • Availability: Eligible non-US investors only
  • DeFi use: Accepted as collateral on Aave V4 Equities Hub

Introduction

MSFTc is a tokenized representation of Microsoft Corporation (NASDAQ: MSFT) stock, issued by Coinbase on the Base blockchain. It gives crypto-native investors outside the United States direct price exposure to one of the world's largest publicly traded companies — without needing a traditional brokerage account.

Unlike synthetic trackers, MSFTc is backed by actual Microsoft shares held in regulated, segregated custody, making it a genuine real-world asset (RWA) token.

History & Background

Coinbase launched its first wave of tokenized stocks on Base in mid-2026, initially covering major US technology names such as Apple, Alphabet, Meta, and Nvidia. Microsoft (MSFTc), alongside Amazon and Tesla, was added in the expanded second wave in September 2026.

The product emerged as part of a broader industry push to bring traditional equities on-chain, enabling global, round-the-clock trading through decentralized infrastructure.

How Microsoft Corporation (Coinbase Tokenized Stock) Works

Each MSFTc token is a certificate issued by Coinbase Onchain SPV Ltd, which acts as a bare trustee under a deed of trust. The matching Microsoft shares are held in segregated custody accounts at Alpaca Securities LLC, an SEC-registered broker-dealer. The custodian cannot lend, pledge, or otherwise encumber these shares.

Chainlink supplies the official price feeds — active Sunday through Friday during US market hours — to value positions accurately on-chain. Token holders receive the economic exposure of the actual equity rather than a synthetic price approximation.

Tokenomics

MSFTc tokens are minted when eligible investors purchase exposure and are burned when they redeem. The token supply therefore floats in line with investor demand. Each token maps to a defined quantity of underlying MSFT shares, keeping the on-chain price anchored to the real-world equity market.

Token holders gain equity price exposure but do not receive dividends or voting rights associated with traditional share ownership.

Circulating Supply ? 3,121 MSFTc
Total supply ? 3,121 MSFTc
Max supply ? -- MSFTc
Updated 2h ago

Ecosystem & Use Cases

  • 24/7 trading on decentralized exchanges on Base, including Aerodrome and Uniswap V3
  • DeFi collateral: MSFTc is accepted on Aave V4's dedicated Equities Hub on Base, letting holders borrow USDC without selling their equity exposure
  • Portfolio diversification for crypto-native users seeking traditional equity exposure on-chain

Team, Governance & Community

MSFTc is a product of Coinbase, a publicly listed US crypto exchange (NASDAQ: COIN). The issuance entity, Coinbase Onchain SPV Ltd, is the legal counterparty. Custody is handled by Alpaca Securities LLC, overseen by the Abu Dhabi Global Market (ADGM) regulator for the relevant non-US markets. There is no community governance; the product operates under Coinbase's centralized framework.

Advantages

  • 1:1 share backing in regulated, segregated custody — not synthetic
  • Global accessibility for eligible non-US investors without a brokerage account
  • 24/7 on-chain trading, unlike traditional stock exchanges
  • DeFi composability — usable as productive collateral to borrow USDC on Aave V4
  • Chainlink-powered pricing for reliable, tamper-resistant valuations

Risks & Challenges

  • Geographic restrictions — not available to US persons
  • No dividends or shareholder rights for token holders
  • Counterparty risk — dependent on Coinbase Onchain SPV Ltd and Alpaca Securities LLC remaining solvent and compliant
  • Regulatory uncertainty — tokenized securities remain subject to evolving global regulations
  • Market hours pricing — Chainlink feeds are only active during standard equity trading windows, leaving off-hours prices reliant on last-known data

Long-Term Vision

MSFTc represents a step toward a world where traditional financial assets and decentralized infrastructure are fully interoperable. Coinbase has indicated it plans to expand its tokenized stock roster over time, with the Base ecosystem serving as the settlement layer.

As DeFi protocols like Aave deepen support for real-world assets, tokenized equities such as MSFTc could become foundational building blocks of on-chain capital markets — bridging Wall Street and Web3.

Frequently Asked Questions

MSFTc is a tokenized representation of Microsoft Corporation (MSFT) stock issued by Coinbase on the Base blockchain. Each token is backed 1:1 by real Microsoft shares held in regulated, segregated custody.

MSFTc is issued by Coinbase Onchain SPV Ltd. The actual Microsoft shares are held by Alpaca Securities LLC, an SEC-registered broker-dealer, in segregated accounts maintained in the issuer's name.

MSFTc is available only to eligible investors outside the United States. US persons are restricted from purchasing the token due to regulatory requirements.

Chainlink supplies official price feeds for MSFTc, active Sunday through Friday during US equity market hours. This keeps the on-chain token price closely anchored to the real-time MSFT stock price.

No. MSFTc holders receive price exposure to Microsoft stock but are not entitled to dividends or shareholder voting rights. These rights remain with the issuing SPV.

Yes. MSFTc is accepted as collateral on Aave V4's Equities Hub on Base, where eligible users can borrow USDC against their holdings. It can also be traded on decentralized exchanges like Aerodrome and Uniswap V3 on Base.

MSFTc is backed by real Microsoft shares, not a synthetic instrument. The underlying shares sit in segregated custody and the custodian is prohibited from lending or pledging them.

MSFTc operates on Base, an Ethereum Layer-2 network built and maintained by Coinbase. Transactions are fast, low-cost, and settle on Ethereum's security layer.