Coinbase (COIN) said it plans to introduce tokenized stocks backed one-for-one by underlying U.S. equities, joining the growing competition among crypto firms and traditional financial companies to bring stocks onto blockchain networks.

In a post on X on Tuesday, the exchange said “the first real, 1:1 backed tokenized stocks are coming,” allowing users to own, trade, hold and redeem the securities onchain while automatically receiving dividends.

The announcement comes ahead of a product event scheduled for 3 p.m. ET Tuesday, in which the company, best known as a crypto exchange, is expected to unveil a series of offerings spanning trading and financial services.

“For the first time, these are real 1:1 backed tokenized stocks you can…