Coinbase, Robinhood, Circle could be early winners of SEC’s tokenized-stock push, analysts say
Goldman Sachs and Citizens analysts said the agency’s move create new opportunities in custody, tokenization infrastructure and stablecoin settlement, while giving brokers room to expand onchain products.
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Summary
- The SEC’s five-year innovation exemption could benefit Coinbase, Robinhood and Circle by allowing qualifying tokenized U.S. stocks to trade through automated market makers on public blockchains.
- Coinbase’s tokenization, custody and stablecoin businesses position it to capitalize, while Robinhood must add shareholder rights and other features to make its stock tokens compliant.
- Circle could gain from increased use of USDC for settlement and collateral, while trading caps, issuer opt-outs and technical limits are expected to protect traditional exchanges from significant competition.
