Coinbase Has Base, Circle Has USDC: Who Wins From SEC Tokenized Stocks?

The SEC’s new tokenized-stock framework could create much more than another crypto trading product. It may open new revenue lines across brokerage, custody, blockchain infrastructure and stablecoin settlement.

Under the agency’s new five-year Innovation Exemption, qualifying venues can trade tokenized U.S. listed stocks through permissioned automated market makers on public blockchains. The securities must give holders the same rights as the underlying shares, while issuers receive notice and an opportunity to object.

Analysts at Goldman Sachs and Citizens, according to Wu Blockchain, see Coinbase, Robinhood and Circle as three potential beneficiaries — but for very different reasons.

Coinbase Could Monetize More Than Trading

Coinbase’s opportunity extends beyond transaction fees.

A tokenized equity market could create demand for custody, issuance technology, blockchain infrastructure and stablecoin settlement. Coinbase also controls Base, its Ethereum Layer 2, giving it another possible route into onchain securities infrastructure.

That helps explain why regulatory progress around tokenized stocks contributed to the recent Coinbase stock rebound. We reported how tokenized stocks already reached roughly $3 billion in weekly trading volume, before a clear U.S. framework existed.