METAc, issued by Coinbase Onchain SPV Ltd, is a tokenized equity position that represents a beneficial claim on a single underlying Meta Platforms share held in bankruptcy-remote custody, giving holders direct economic exposure to that share.

Each token tracks Meta Platforms, Inc. (META) and delivers total-return exposure to the underlying share rather than simple price tracking. If Meta Platforms issues a dividend and eligibility requirements are met, the corresponding amount is reinvested after applicable withholding and fees, and dividends and stock splits are reflected through an onchain multiplier that scales the economic value per token while raw token balances remain unchanged, so holders retain the correct share-equivalent exposure over time.

The issuer is Coinbase Onchain SPV Ltd, a regulated issuer whose per-asset prospectuses are filed under the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA) regime. Each token constitutes a direct, senior beneficial claim on a real underlying share held in regulated, bankruptcy-remote custody separate from Coinbase, not a synthetic or derivative wrapper, and the tokens retain issuer freeze and seize controls for legal compliance. The tokens are offered outside the United States under Regulation S and are not available to persons in the U.S. and other restricted jurisdictions. Primary minting and redemption follow an ETF and ADR style create-and-redeem model limited to KYC-onboarded institutional partners and Authorized Participants.

The token is issued as a B20 token natively on Base, Coinbase's Ethereum Layer-2 network, and held in a self-custodial wallet across the Base DeFi ecosystem. Coinbase issues a matching token 1:1 against each share it holds, minted tokens settle onchain, and dividend and split adjustments are published via an onchain multiplier rather than through token balance changes.

<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" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

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.

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Exchanges (CEX)

Coinbase

Meta Platforms (Coinbase Tokenized Stock) (METAc) is a tokenized share of META 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, with Onchain Marketplace Ltd as transfer agent 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.

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

Meta Platforms (Coinbase Tokenized Stock)METAc