GOOGLc, issued by Coinbase Onchain SPV Ltd., is a tokenized stock representing a direct, senior beneficial claim on a real underlying share, giving eligible non-U.S. holders onchain economic exposure to the equity rather than a synthetic derivative. [S1]

Each token tracks the real economic exposure of Alphabet Inc. (GOOGL), backed 1:1 by one underlying share held for tokenholders. [S1] If the underlying issues a dividend and applicable requirements are met, dividends are reinvested after applicable withholding and fees, and dividends and stock splits are reflected via an onchain multiplier that scales while the raw token count stays constant, so balances adjust to preserve correct total-return exposure. [S1]

The issuer is Coinbase Onchain SPV Ltd., a Coinbase-controlled entity formed under the Abu Dhabi Global Market (ADGM) framework and authorized by the Financial Services Regulatory Authority (FSRA). [S1] Each token is a beneficial claim on a real share held in regulated, bankruptcy-remote custody separate from Coinbase, in trust for tokenholders. [S1] The product is offered under Regulation S and is not available to persons in the United States and other restricted jurisdictions. [S1] Primary minting and redemption are limited to KYC-onboarded institutional partners and Authorized Participants, using the same create-and-redeem model as traditional ETFs and ADRs, while eligible non-U.S. users access tokens through secondary onchain trading. [S1]

GOOGLc is issued as a B20 token natively on Base, with no bridging to other networks. [S1] Authorized Participants source the underlying shares before tokens are issued 1:1, and tokens trade onchain around the clock, including market holidays. Corporate actions such as dividends and splits are applied through an onchain multiplier to avoid disrupting DeFi positions. [S1]

<Sources
  retrievedAt="2026-09-11"
  items={[
    { id: "S1", url: "https://www.base.org/stocks" },
    { id: "S2", url: "https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Tokenized stocks

Coinbase generates revenue primarily from transaction fees on trades, alongside custody, staking, and subscription services.

Coinbase is a centralized cryptocurrency exchange where users buy, sell, store, and trade digital assets. It operates a retail trading app, an advanced trading platform, custody services, and the Base layer-2 network, and issues wrapped assets such as cbBTC and cbETH.

Coinbase Global, Inc. is a publicly traded company (NASDAQ: COIN) headquartered in the United States, serving retail and institutional customers.

website

twitter

docs

terms

Exchanges (CEX)

Coinbase

Alphabet (Coinbase Tokenized Stock) (GOOGLc) is a tokenized share of GOOGL issued by Coinbase through Coinbase Onchain SPV Ltd and distributed through Onchain Marketplace Ltd with Alpaca Securities LLC as broker.

The underlying security is listed in the information technology sector in North America.

Each token represents one underlying share, entitles holders to dividends, which are reinvested into the token, and carries voting rights.

The underlying shares are held by Alpaca in segregated accounts within a bankruptcy-remote structure and Deloitte & Touche (M.E.) LLP as auditor.

Residents of the United States cannot mint or redeem with Coinbase.

Coinbase Onchain SPV Ltd is offered under an SEC Regulation S exemption, is regulated in Abu Dhabi's ADGM, and is supervised by the Abu Dhabi Global Market Financial Services Regulatory Authority.

Holder terms are governed by the law of the United Arab Emirates.

GOOGLc has been issued on Base as a B20 token since August 2026.

Alphabet (Coinbase Tokenized Stock)GOOGLc