Daily Observation of Cryptocurrency Concept Stocks: Executive Order Opens Payment Channels, COIN and HOOD Spark Local Encounter in U.S. Stock Tokenization

Exemption Period Dividend: Coinbase's Ultimate Leap from Traditional Fractional Shares to "Asset Tokenization"

With expectations that the SEC exemption framework will be implemented as early as this week, the strategic roadmap of Coinbase Global, Inc. (NASDAQ: $COIN) has finally come into view.

As early as March 2026, Coinbase launched 24/5 commission-free traditional fractional stock trading (supporting purchases starting from as low as $1) in collaboration with Yahoo Finance. At that time, the market generally viewed it as a crossover from a pure crypto exchange to a traditional brokerage, but according to details leaked yesterday from the SEC's internal Project Crypto, traditional stock trading was merely a preliminary step; tokenized stocks are the real next move. The SEC's "innovation exemption" will eliminate its lengthy broker registration process, allowing it to quickly tokenize U.S. stocks and inject them into the on-chain ecosystem during the experimental period.

Local Assault by EU Veterans: Robinhood's L2 Exclusive Chain and Traffic Defense

As Coinbase's strongest rival in the domestic retail sector, Robinhood Markets, Inc. (NASDAQ: $HOOD) has launched a more vigorous counterattack.

Robinhood is not a newcomer to the tokenization space; as early as the end of 2025, it was the first to launch 100 tokenized U.S. stocks and ETF assets in the EU market. Currently, Robinhood is dedicating all its efforts to building a proprietary Layer 2 blockchain specifically tailored for the tokenization of real-world assets (RWA). If the SEC's exemption framework is successfully implemented in the U.S. this week, Robinhood's accumulated experience in EU tokenization operations and its exclusive L2 capabilities will directly lead to a head-to-head competition for retail market share against Coinbase in the domestic market.

The $10 Billion Bet in the Prediction Market: Polymarket's 41% Probability Pricing

With the barrier between traditional financial assets and cryptocurrencies being broken, how much energy can be unleashed? Decentralized prediction markets have already provided objective probability pricing with real money.

According to Polymarket's real-time trading data from yesterday and today, the betting positions on the event "the total locked value (TVL) of global tokenized stocks reaches $50 billion by 2026" have surged dramatically. Currently, the global main funds maintain the success probability for this event at around 41%. This probability is already very high for a regulatory expectation that has not yet released formal documents, indicating that large players and institutional funds generally expect that within the three-month window of the executive order, tokenized U.S. stocks will experience exponential growth.

The Great Integration of Supranational Assets and Traditional Securities

Integrating the latest macro and micro dynamics, May 2026 is becoming the "breaking point" for global financial infrastructure. Trump's order essentially forces the Federal Reserve to open its core payment and clearing accounts to non-bank fintech companies; meanwhile, the SEC's exemption framework grants digital assets a legitimate physical parasitic combination from the securities side. Whether it is Coinbase's platform crossover or Robinhood's RWA exclusive chain, both indicate that in the future, there will no longer be an essential difference between digital tokens and U.S. stock equities in corporate treasuries and retail holdings, as global financial assets are completing their ultimate convergence on-chain.

Data source: https://bbx.com/ Crypto concept stock information database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.