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What is Amazon.com Inc. (Coinbase Tokenized Stock) (AMZNc)?

Quick Facts

  • Issuer: Coinbase Onchain SPV Ltd.
  • Blockchain: Base (Coinbase's Ethereum Layer-2 network)
  • Token standard: B20 — Coinbase's proprietary onchain equity standard
  • Backing: 1:1 claim on a real Amazon share held by Alpaca Securities LLC
  • Availability: Eligible non-U.S. persons in permitted jurisdictions only
  • DeFi use: Accepted as collateral on Aave V4's Equities Hub to borrow USDC
  • Oracle: Chainlink provides official onchain price feeds

Introduction

AMZNc is a tokenized representation of an Amazon.com Inc. share, issued by Coinbase and deployed on the Base network. It belongs to a growing suite of Coinbase Tokenized Stocks that bring traditional equities onchain, combining the ownership experience of stock investing with the programmability of blockchain tokens.

Each AMZNc token represents a beneficial interest in one underlying Amazon share — not a synthetic price tracker, but a real claim backed by actual custody.

History & Background

Coinbase launched its first batch of tokenized stocks on Base in August 2026, initially covering Nvidia, Apple, Meta, and Alphabet. The lineup expanded in September 2026 to include Amazon (AMZNc), Microsoft, Tesla, SpaceX, SanDisk, and Strategy — bringing the total to ten onchain equities.

The first four tokens generated over $228 million in decentralized exchange volume within roughly 30 days, signaling strong demand for onchain equity exposure.

How Amazon.com Inc. (Coinbase Tokenized Stock) Works

Coinbase issues AMZNc under its B20 token standard, a custom format designed to handle the complexities of traditional stock ownership inside DeFi. When a user holds AMZNc, a corresponding Amazon share is held in segregated custody at Alpaca Securities LLC, an SEC-registered broker-dealer.

Corporate actions such as stock splits and dividends are managed through an onchain multiplier that starts at 1.0 and adjusts automatically. Dividends are reinvested by purchasing additional shares rather than paid out in cash, making AMZNc a total-return instrument. This design protects active DeFi positions — like loans or liquidity pools — from sudden disruption during corporate events.

Tokenomics

AMZNc is minted when a user acquires exposure and is backed 1:1 by a real share in custody. The economic design prioritizes full collateralization over algorithmic leverage. Because dividends are reinvested rather than distributed, the token's onchain claim can appreciate relative to the raw share price over time. There are no inflationary emissions or governance rewards — the token's value is anchored entirely to the underlying equity.

Circulating Supply ? 8,847 AMZNc
Total supply ? 8,847 AMZNc
Max supply ? -- AMZNc
Updated 13m ago

Ecosystem & Use Cases

AMZNc enables several use cases that go beyond a standard brokerage account:

  • 24/7 trading on decentralized exchanges, not limited to traditional market hours
  • Fractional ownership, allowing exposure to Amazon without buying a full share
  • DeFi collateral — depositable in Aave V4's Equities Hub on Base to borrow USDC
  • Self-custody in any compatible crypto wallet on Base

Team, Governance & Community

AMZNc is issued and managed by Coinbase Onchain SPV Ltd., a Coinbase entity. Custody of the underlying shares is handled by Alpaca Securities LLC. Price feeds are supplied by Chainlink. The Aave V4 integration was deployed by Aave Labs following a risk assessment by LlamaRisk and approval by Aave DAO governance. The Base network itself does not issue, custody, or make markets in these tokens.

Advantages

  • Real backing: Each token is supported 1:1 by an actual Amazon share in regulated custody
  • DeFi composability: Usable as collateral on Aave V4 to unlock USDC liquidity without selling
  • 24/7 accessibility: Trade around the clock, unlike traditional stock markets
  • Fractional access: Gain Amazon exposure without purchasing a whole share
  • Corporate action handling: Splits and dividends are managed automatically onchain via the B20 multiplier

Risks & Challenges

  • Geographic restrictions: Available only to eligible non-U.S. persons; U.S. residents are excluded under Regulation S
  • Custodial risk: The underlying shares depend on Alpaca Securities LLC as a regulated custodian
  • Weekend pricing freeze: During weekends and U.S. market holidays, onchain collateral values remain frozen at the last published price
  • Regulatory uncertainty: Tokenized securities sit at the intersection of crypto and securities law, an area still evolving globally
  • Counterparty reliance: Users trust Coinbase as the issuer, Alpaca as the custodian, and Chainlink as the oracle

Long-Term Vision

AMZNc represents Coinbase's broader ambition to bring the entire global stock market onchain. By combining regulated custody, a purpose-built token standard, and deep DeFi integrations, Coinbase aims to make equity ownership as programmable and accessible as any crypto asset. Additional tokenized stocks and expanded DeFi applications are expected as the ecosystem matures and regulatory frameworks evolve worldwide.

Frequently Asked Questions

AMZNc is a Coinbase-issued token on Base that represents a 1:1 beneficial claim on one Amazon.com Inc. share. It is part of Coinbase's suite of tokenized stocks built on the B20 standard.

The underlying Amazon shares are held in segregated custody by Alpaca Securities LLC, an SEC-registered broker-dealer. The custodian cannot lend or encumber the shares.

No. AMZNc is offered under Regulation S and is only available to eligible non-U.S. persons in permitted jurisdictions. U.S. residents are currently excluded.

B20 is Coinbase's proprietary token standard for onchain equities on Base. It includes a built-in multiplier to handle corporate actions like stock splits and dividends without disrupting DeFi positions.

Dividends are reinvested by purchasing additional Amazon shares rather than being distributed as cash. This makes AMZNc a total-return instrument whose onchain value can exceed the raw share price over time.

AMZNc can be deposited as collateral in Aave V4's Equities Hub on Base to borrow USDC. It can also be traded 24/7 on decentralized exchanges and held in self-custody wallets.

Chainlink acts as the official oracle, providing onchain price feeds used to value AMZNc positions within DeFi protocols like Aave V4.

During weekends and U.S. market holidays, the last published price is held onchain until cash markets reopen. Collateral health factors can still decline during this window due to accrued interest on loans.