Token Terminal lists GOOGLc, a tokenized representation of Alphabet stock on Base blockchain

Token Terminal has added GOOGLc to its tokenized assets dashboard, giving its users a way to track a blockchain-based version of Alphabet Inc.’s Class A shares. The token, which carries a market cap of roughly $1.5 million, represents a beneficial interest in actual Alphabet shares held in segregated custody on a 1:1 basis. It’s a small number relative to Alphabet’s trillion-dollar-plus valuation. But the listing sits inside a much bigger trend: the tokenized assets category that Token Terminal tracks now exceeds $345 billion in total market capitalization. How GOOGLc actually works GOOGLc is issued by Coinbase Onchain SPV Ltd., an entity registered in the Abu Dhabi Global Market. The token lives on Base, Coinbase’s Layer 2 network built on Ethereum. For every GOOGLc token in circulation, a corresponding Alphabet share is held in custody by Alpaca Securities. The product is designed specifically for non-US eligible users. US securities law makes offering tokenized versions of publicly traded stocks to American investors a legal minefield, so issuers like Coinbase’s SPV route these products through jurisdictions with clearer frameworks, like Abu Dhabi. What non-US holders get in ret...