Catenaa, Wednesday, September 23, 2026-Coinbase, Robinhood and Circle could emerge as early beneficiaries of the Securities and Exchange Commission’s new tokenized-stock framework as trading, custody and stablecoin settlement move further onchain, according to analysts at Goldman Sachs and Citizens.
The SEC last week introduced a five-year Innovation Exemption allowing qualifying venues to trade tokenized versions of US-listed stocks through automated market makers.
The framework requires tokenized shares to preserve the same economic and ownership rights as the underlying stock, including dividends and voting rights.
Goldman analysts said Coinbase is well placed because of its combination of tokenization infrastructure, institutional custody, stablecoin exposure and Base, its Ethereum-based blockchain.
Coinbase’s existing tokenized-equity product already includes several features required under the SEC framework, analysts said, although voting rights are still being added.
Coinbase also operates Coinbase Tokenize, which provides infrastructure for companies seeking to bring traditional assets onchain.
The company could face one technical hurdle if it wants to operate a trading venue directly under the exemption.
Coinbase exchanges rely primarily on central limit order books, while the SEC framework is built around automated market makers.
Goldman said Coinbase could either develop new infrastructure or route trading through AMM-based decentralized exchanges operating on Base.
Robinhood could also benefit, although its existing offshore stock tokens would need changes before qualifying in the US.
Those products give users economic exposure to US stocks but do not currently carry all the shareholder rights required under the SEC exemption.
Robinhood CEO Vlad Tenev has said features including voting rights and share redemption are being developed.
The SEC framework also gives companies whose shares are tokenized by unaffiliated third parties the right to object before trading begins.
That provision became relevant recently after AMC Entertainment criticized Robinhood’s overseas AMC-linked stock token.
Circle could benefit indirectly through increased demand for USDC.
Goldman and Citizens said tokenized securities markets are likely to require stablecoins for settlement, collateral and movement of cash between onchain trading venues.
Coinbase would also benefit from higher USDC activity because of its commercial relationship with Circle and its role in distributing the stablecoin.
The SEC’s Innovation Exemption followed the Senate’s failure to advance the CLARITY Act, leaving regulators to move ahead under existing authority.
For now, analysts expect limited pressure on traditional exchanges such as Nasdaq and Intercontinental Exchange, the owner of the New York Stock Exchange.
Trading caps, issuer opt-outs and technical limits on automated market makers are expected to keep the tokenized market relatively small during the SEC’s initial five-year experiment.
