Why is Coinbase progressing so slowly in stock tokenization? Because Coinbase has clear disadvantages compared to Robinhood and Binance: 1. Coinbase doesn’t have the inherent stock/securities licensing resources like Robinhood does; 2. Coinbase also lacks the strong advantage of non-US users and capital scale that Binance has. So in the future, the most likely to succeed in stock tokenization is Robinhood, followed by Binance, and lastly Coinbase.