Brian Armstrong picked his words carefully. He called them "real 1:1 backed tokenized stocks."
That phrase is doing a lot of work.
Most tokenized equity products are synthetic. Derivatives or IOUs that track a stock's price without handing you any actual ownership. You get the chart, not the share.
Coinbase is describing something else. Users own a genuine economic interest. Dividends land automatically. Shares redeem onchain.
A quick note for those less familiar: that kind of ownership needs real plumbing underneath. Custody, entitlements, corporate actions, tax treatment, ownership records. None of it is trivial. And whether Coinbase has built that plumbing or just sketched it on a roadmap is the entire question.
