Analysts: Coinbase, Robinhood, and Circle May Become Early Beneficiaries of SEC's Tokenized Stock Policy

BlockBeats news, September 20 — The U.S. SEC has introduced a five-year innovation exemption, providing a pathway for eligible tokenized U.S. equities to be traded through automated market makers (AMMs) on public blockchains. Analysts at Goldman Sachs and Citizens believe Coinbase, Robinhood, and Circle could become early beneficiaries of the policy.

The new framework requires tokens to retain shareholder rights such as dividends and voting rights, while imposing limits on the number of shares trading platforms can offer and the size of trades. Goldman Sachs said Coinbase's existing tokenized stock products already possess several required features, and its institutional custody business and Coinbase Tokenize could also benefit. However, Coinbase's existing trading platform uses a central limit order book, and to operate a trading venue directly under the exemption, it would still need to build AMM infrastructure or route trades to a decentralized trading platform on Base.

Robinhood's stock tokens currently offered to markets outside the U.S. are derivatives that provide only price exposure and do not carry the full shareholder rights required by the framework, so further product adjustments are needed. Robinhood has previously said it plans to add 1:1 stock redemption and voting rights features.

Analysts also believe that increased on-chain securities trading could drive demand for tokenized cash, indirectly benefiting Circle, with USDC potentially used for settlement and collateral in on-chain markets.