Coinbase, Robinhood and Circle Eye New Revenue From Tokenized U.S. Stocks

The SEC's five-year innovation exemption creates a path for qualifying tokenized U.S. stocks to trade on public blockchains. Goldman Sachs and Citizens analysts see Coinbase, Robinhood, and Circle as possible early beneficiaries. Coinbase could benefit through trading, custody, tokenization infrastructure, Base, and links to USDC. Robinhood may need to redesign its current offshore stock-token offering.