Token Terminal lists AAPLc, a tokenized representation of Apple stock on Base

Token Terminal, the on-chain analytics platform that tracks thousands of crypto assets, has added AAPLc to its listings. The token is a blockchain-based representation of Apple stock, issued by Coinbase on the Base network, and it currently sits at a market cap of roughly $1.29 million. What AAPLc actually is AAPLc is part of Coinbase’s broader tokenized stocks program, which launched on August 24. Each AAPLc token represents a 1:1 beneficial interest in an actual Apple share. The underlying shares are held by Alpaca Securities, which serves as the regulated custodian under the oversight of the Abu Dhabi Global Market. The structure is designed to be bankruptcy-remote. That means if something goes sideways with the issuing entity, Coinbase Onchain SPV Ltd, the Apple shares backing the tokens are held separately and shouldn’t get tangled up in any insolvency proceedings. With approximately 4,166 tokens in circulation, AAPLc trades at a price that closely tracks Apple’s stock, which hovers around $310 per share. The token lives on Base, Coinbase’s Layer 2 network, and uses the B20 token standard. Holders keep their tokens in self-custody wallets, and the tokens are composable within ...