A major U.S. financial institution just raised its rating on Coinbase to a buy, positioning the platform as a key player in the tokenization wave. The analyst thesis centers on how Coinbase's own blockchain infrastructure gives it a structural edge as tokenization adoption accelerates across traditional finance. This kind of institutional validation signals growing conviction that the leading exchanges won't just survive the next cycle—they could actually capture significant value from real-world asset tokenization. Worth watching how other mainstream analysts respond.