Tokenized stocks under SEC push could lift Coinbase, Robinhood, Circle, analysts say

The SEC’s tokenized-stock framework could allow on‑chain trading of qualifying U.S. stocks via automated market makers while preserving shareholder rights. Goldman Sachs and Citizens say Coinbase stands to gain across custody, tokenization infrastructure, and its Base/stablecoin ecosystem; Robinhood may need to add rights and features to comply with US rules; Circle could benefit from increased USDC use for settlement and collateral. Traditional exchanges are unlikely to face immediate disruption due to trading caps and issuer opt‑outs, but more on‑chain stock tokens could broaden opportunities for these platforms over time.