Coinbase CEO says stock token is fully backed by actual shares

Coinbase CEO Brian Armstrong said the company’s stock token service is a security backed 100% by actual shares, not a synthetic asset or debt security. Armstrong said the token can be redeemed for the underlying stock and supports dividends, with voting rights set to be added later. He emphasized that the product could give global investors and institutions access to the more than $70 trillion U.S. stock market.