According to CoinMeta, Coinbase and Circle may gain new opportunities under the tokenization stock framework of SEC. The exemption for fifth-generation tokenized stocks under SEC will allow qualified venues to trade tokenized U.S. listed stocks on public blockchains through licensed automated market makers. These securities must grant holders the same rights as the underlying stocks. Analysts believe that Coinbase, Robinhood, and Circle are potential beneficiaries, though for different reasons. The opportunities for Coinbase are not limited to transaction fees; the tokenized equity market may create demand for custody, issuance technology, and stablecoin settlement. Coinbase also controls Ethereum's layer-two network Base, providing another pathway to access on-chain securities infrastructure. According to a report by Coinpaper, the weekly trading volume of tokenized stocks has reached approximately $3 billion. Robinhood has already offered stock tokens overseas, but the SEC framework requires tokenized stocks to provide corresponding shareholder rights, which means Robinhood could benefit from this new market, but it cannot simply import its existing overseas models.