SEC Framework Sparks Hope for Tokenized Stock Trading Among Top Crypto Players
The US Securities and Exchange Commission's (SEC) new tokenized-stock framework has sparked interest in potential beneficiaries among major players in the crypto space. Analysts at Goldman Sachs and Citizens have identified Coinbase, Robinhood, and Circle as possible early gainers from the five-year innovation exemption.
Coinbase could benefit through trading, custody, and infrastructure related to its Base network and USDC stablecoin. The company already offers tokenized-equity products that meet some of the SEC's requirements, including dividend rights linked to underlying shares. However, it would need to address a technical issue with its main exchanges using central limit order books.
Rohanhood may require redesigning its offshore stock-token model to meet US shareholder-rights standards. The company has already expressed plans to add features such as voting rights and share redemptions to its stock tokens.
Circle could gain indirectly if tokenized stock trading increases demand for digital cash, making USDC a popular settlement and collateral asset.