The report notes Circle issues USDC, with Coinbase helping distribute the stablecoin and earning income from it, while Robinhood’s existing customer relationships could translate into broader financial services.

Investors should assess how stablecoin adoption could sustain revenue for Circle, how Coinbase’s economics hinge on USDC distribution, and how Robinhood might expand beyond brokerage into a wider set of financial services.

Collins emphasizes separating business prospects from stock valuations, arguing all three companies are well positioned even if current valuations don’t fully reflect future potential.

Collins contends the competitive edge will come from integrating cash, investing, borrowing, and payments in one app, enabling seamless movement of money and reducing intermediaries.

The piece presents a thesis about strategic advantages rather than guarantees of stock outperformance.

A key long-term question is whether blockchain increases platform usefulness for customers and whether that translates into durable earnings growth for these firms.

Reeve Collins identifies Coinbase Global (COIN), Circle Internet Group (CRCL), and Robinhood Markets (HOOD) as the blockchain-linked stocks to watch as financial services migrate onto blockchain rails.