Coinbase is really starting to cater more to U.S. stock investors. Lately, as I’ve been watching COIN, I keep thinking about one question: Can they turn people who usually only invest in U.S. stocks into users within their ecosystem? This new tokenized stock feature is definitely worth discussing. According to Coinbase’s announcement, the tokens are backed 1:1 by real stocks. Token holders enjoy the economic benefits of the underlying stocks through the product structure, and dividends are reinvested according to the rules. Voting rights are also planned for the future. For me, what really matters is the underlying assets and the rights holders can access—those are far more important than just slapping the word "tokenized" on something. These tokens run on Base, allowing 24/7 on-chain trading and integration with DeFi. Now there are more options for how U.S. stock assets can be held, traded, and utilized on-chain. On the other hand, Nasdaq also announced it has agreed to invest $100 million in Kraken’s parent company, Payward, to further advance tokenized stock collaborations. Both traditional exchanges and crypto platforms are investing in this space, so it’s definitely a direction worth paying attention to. So now, when I look at Coinbase, I think about this additional layer: How many users who weren’t originally in the crypto space can they serve in the future? The more assets a product covers, the more reasons users have to join. And if the experience is smooth enough, there’s a better chance of keeping them around. That’s why I think COIN is worth keeping an eye on. When I talked about account opening before, I mentioned that I went through the process again myself—it was actually simpler than I expected. Of course, ID verification and document requirements still depend on your region, so it’s not a one-size-fits-all situation. You can keep your previous impressions of Coinbase, but it’s also worth taking a closer look at what they’re doing now. Here’s my Coinbase referral link: http://(coinbase.com)/aff/bugsbunny?s=x @coinbase @brian_armstrong