Coinbase says it is launching "real" 1:1 backed tokenized stocks tied to actual shares of U.S. companies, with users able to trade, hold, redeem onchain, and automatically receive dividends. The pitch is explicitly against derivative-style stock tokens: no IOUs, no synthetic exposure. Details are expected at Coinbase's System Update event at 3 PM ET on June 16, with the real test being how the structure handles securities custody, transfer, and redemption rules.

TLDR by @Benthic