Token Terminal lists NVDAc, a tokenized representation of Nvidia stock

Token Terminal has added NVDAc to its tracking platform, giving the data analytics world its first clean look at a tokenized version of Nvidia stock that trades on-chain. The token, issued by Coinbase through its Onchain SPV Ltd entity, launched on August 24, 2026, on the Base blockchain and is designed to offer 1:1 economic exposure to Nvidia common stock. Within two days of launch, NVDAc reached a market cap between $2.4 million and $2.63 million. Not exactly Nvidia’s trillion-dollar valuation, but for a tokenized equity product restricted to non-US investors and trading on decentralized exchanges, it’s a notable start. How NVDAc actually works NVDAc is structured as a B20-standard token issued under Abu Dhabi Global Market regulations. Each token is backed by Nvidia shares held in segregated custody, which means the underlying stock sits in a separate account rather than being commingled with other assets. Corporate actions like dividends get processed on-chain, so holders receive the financial benefits of stock ownership without ever touching a traditional brokerage account. Trading happens on decentralized exchanges, not on Coinbase’s main platform. US persons are explicitly e...