Goldman Sachs · Circle · Coinbase · SEC · Tokenization · CoinDesk
Coinbase, Robinhood, Circle could be early winners of SEC's tokenized-stock push, analysts say
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The SEC’s tokenized-stock experiment may be narrow for now, but analysts are already pointing to Coinbase (COIN), Robinhood (HOOD) and Circle (CRCL) as potential beneficiaries if more U.S. securities move onchain.
Key facts
- Meanwhile, traditional exchanges such as Nasdaq (NDAQ) and NYSE owner Intercontinental Exchange (ICE) appear less exposed for now
- It became a flashpoint earlier this month when movie theater operator AMC Entertainment’s CEO criticized Robinhood for offering AMC-linked stock tokens without the company’s approval
- The Securities and Exchange Commission’s five-year innovation exemption creates a path for tokenized U.S. stocks to trade through automated market makers on public blockchains
- Robinhood CEO Vlad Tenev already signaled this week that more shareholder features, including share redemptions and voting rights, will be added to the stock tokens
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. The Securities and Exchange Commission’s five-year innovation exemption creates a path for tokenized U.S. stocks to trade through automated market makers on public blockchains.