The biggest winners from blockchain-based finance may not be the companies building the underlying technology, but those already positioned between consumers and their money. Reeve Collins, co-founder of Tether and chairman at WeFi, sees Coinbase Global, Inc. (NASDAQ:COIN), Circle Internet Group, Inc. (NYSE:CRCL) and Robinhood Markets, Inc. (NASDAQ:HOOD) as three publicly traded companies worth watching as financial services move onto blockchain rails.
Three Different Ways to Win
In an exclusive email interview with Benzinga, Collins pointed to distinct advantages at each company. Circle issues USDC, a dollar-pegged stablecoin, while Coinbase helps distribute it and participates in the income it generates. Robinhood, meanwhile, has an established customer relationship it can expand into additional financial services.
“Having built in this space, I look at what becomes possible for the customer,” Collins said.
His thesis goes beyond cryptocurrency trading. Blockchain infrastructure could let money move through fewer intermediaries and let assets serve as collateral without moving between institutions. That could make financial services more integrated, with fewer steps between holding money, investing and borrowing.
The distinction matters for investors: exposure to blockchain adoption can come from issuing digital dollars, distributing them or controlling the application through which customers access financial products.
Collins carefully separated business prospects from stock valuations. “All three have strong positions. Whether the stocks are well priced is a different question, and I keep the two separate,” he said.
The Battle for the Customer
That distinction becomes more important as financial services converge inside digital wallets and so-called super apps. Collins expects companies to build on Wall Street’s existing infrastructure first, then gradually replace the parts that create friction.
In his view, the competitive advantage will increasingly come from the ability to combine cash, investing, borrowing, and payments within one application.
“Their investments become usable collateral within that same relationship,” Collins said of the emerging model. “Opening and funding another account starts to feel unnecessary.”
For Robinhood, that creates a potential opportunity to deepen relationships beyond brokerage accounts. For Coinbase, the question extends beyond crypto trading to how much financial activity its platform can support. Circle’s position depends on continued USDC use and the economics of issuing it.
These are different business models, but they share a common strategic question: how much of the customer’s financial life can each company capture?
What Investors Should Watch
The opportunity also comes with different risks. Circle’s reserve income is sensitive to interest rates, Collins noted in discussing stablecoin economics. Coinbase’s exposure depends partly on USDC distribution and the associated economics, while Robinhood must turn its existing customer base into a broader financial-services relationship.
Investors should watch whether stablecoin adoption translates into sustained revenue, whether these companies expand beyond their current core businesses and whether their valuations already reflect that potential. Collins’ picks identify where he sees strategic advantages, not a guarantee that the stocks will outperform.
The longer-term test is whether blockchain makes these platforms more useful to customers—and whether that additional utility produces durable earnings growth.
Photo: Summit Art Creations/Shutterstock
