Jesse Pollak, lead developer of Coinbase Exchange’s Ethereum-based layer-2 network Base, has announced plans to tokenize the company’s COIN holdings via the Base protocol. “Every asset in the world will be on Base,” Pollak said on the X platform.
Pollak noted that COIN’s integration into the Base network is currently under evaluation. He noted that in discussions with the community, a clear strategy for tokenization has not yet been determined and that the development team is currently focused on understanding regulatory requirements. He emphasized that, given the strict regulations in the US, the aim is for COIN to start operating on Base in a secure and compliant manner. Currently, users can access COIN via protocols such as BackedFi, but this access is limited to US citizens.
Tokenization is rapidly becoming a trend in the digital finance ecosystem, and large financial firms are also taking an active role in this area. Major companies such as Franklin Templeton and BlackRock are stepping into protocols such as Base Network in order to make their tokenized funds available to a wider audience. While Franklin Templeton is known as one of the leading firms on Wall Street, BlackRock is achieving remarkable success with its BUIDL monetary fund. BlackRock has rapidly expanded the project it launched last year, ensuring that BUIDL is accepted as the frxUSD reserve asset by Frax Finance’s DAO. In addition, Ripple Labs is collaborating with Archax to strengthen its RLUSD stablecoin and its presence on the XRP Ledger.
Pollak told community members that the tokenization process is still in its early stages, adding that plans could be developed further in the future. Tokenizing COIN via Base could further strengthen the Base network’s position as the largest layer-2 network on Ethereum.
