Goldman Sachs Says Coinbase Could Benefit From SEC’s Tokenized-Stock Framework

Coinbase could emerge as one of the companies positioned to benefit from the U.S. Securities and Exchange Commission’s new framework for tokenized stocks, according to analysts at Goldman Sachs.

The SEC on September 17 introduced a temporary “Innovation Exemption” allowing qualifying Tokenized Securities Venues to facilitate the trading of certain tokenized U.S. stocks through permissioned automated market makers and liquidity pools. The framework is initially temporary and includes conditions designed to preserve investor protections and traditional shareholder rights. (SEC)

Goldman Sachs analysts said the new framework could create opportunities across several parts of the digital-asset market, including custody, tokenization infrastructure and stablecoin-based settlement. Coinbase was identified as a potential beneficiary because it already operates businesses and infrastructure relevant to these areas.

Coinbase has been developing tokenized equities outside the United States, with its international products backed by underlying shares held in custody.

The exchange has also built Base, its Ethereum layer-2 blockchain, which provides infrastructure for blockchain-based financial applications. Analysts see this existing ecosystem as potentially useful if regulated onchain stock trading expands in the U.S.

However, Coinbase would still need to meet the SEC’s requirements if it seeks to operate within the new U.S. framework. The exemption applies to qualifying venues and imposes conditions on access, token structure, investor rights and other aspects of trading.

The SEC’s framework could also increase demand for stablecoins used to settle tokenized securities. Analysts highlighted USDC, the dollar-backed stablecoin issued by Circle, as a potential beneficiary if more stock transactions move onto blockchain networks. Coinbase has an existing commercial relationship with Circle and operates USDC-related infrastructure within its ecosystem.

The broader idea is that tokenized stocks could allow trading and settlement to take place using blockchain infrastructure, potentially reducing some of the traditional separation between securities trading and digital-asset markets.

Under the Innovation Exemption, qualifying tokenized securities must provide holders with the same rights and privileges as the underlying traditional securities, including dividend and voting rights. Issuers also have an opportunity to object to their securities being traded on a qualifying venue.

The SEC has made clear that the exemption is temporary while it evaluates the development of onchain securities markets and considers longer-term regulatory action.

For Coinbase, the development could potentially expand the company’s role beyond cryptocurrency trading into custody, tokenization, blockchain infrastructure and settlement.

Goldman Sachs’ assessment therefore points to a broader opportunity created by the SEC’s move, rather than confirmation that Coinbase has been officially approved as a tokenized-stock exchange or settlement provider.