24/7 U.S. equities, 20x thematic perps and Coinbase Advisor all point at the same fee pool: turning COIN from a spot crypto exchange into the broker/custodian/API layer for programmable securities. Robinhood already proved retail demand for stock tokens in Europe, but the OpenAI/SpaceX token mess showed how fragile wrappers get when issuer consent, redemption rights and custody are fuzzy. If the SEC's tokenized-stock exemption lands with real shareholder-rights requirements, Coinbase's boring regulated stack may matter more than raw app distribution.

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