SEC’s Tokenized-Stock Opening Puts Coinbase, Robinhood and Circle in Position to Win

By Isaac • September 20, 2026 11:12 am •

The Securities and Exchange Commission has opened a narrow but meaningful door for U.S. stocks to trade on blockchain rails. The first companies positioned to benefit may not be traditional exchanges at all.

CoinDesk reports that analysts at Goldman Sachs and Citizens see Coinbase, Robinhood and Circle as early potential winners because each already controls a different piece of the required infrastructure, including custody, tokenization, brokerage distribution and stablecoin settlement. Coinbase also has its Base network and tokenization service, Robinhood has already attracted users to stock tokens outside the United States, and Circle supplies the USDC cash leg many onchain markets already use, giving the three companies practical advantages over firms that would need to build