Robinhood CEO Urges U.S. to Clear Path for Tokenized Stocks — 'Tokenization Supercycle' Underway Overseas

Summary

Robinhood CEO Vlad Tenev is urging U.S. regulators to create a framework for tokenized stocks, arguing America risks ceding the next generation of financial-market infrastructure to overseas markets. Tenev says global markets are in the early stages of a "tokenization supercycle." Robinhood already offers tokenized U.S. stocks to users in more than 120 countries, with economic exposure to more than 190 U.S. stocks including dividends. On-chain tokenized equity trading volume hit $9 billion in 2026, up over 800% year-to-date.

Key Facts

Tenev urging U.S. regulators to clear a path for tokenized stocks
Calls it a global "tokenization supercycle"; tokenization is "the best path to modernizing the American financial system"
Robinhood offers tokenized U.S. stocks to users in 120+ countries, economic exposure to 190+ U.S. stocks including dividends
Stock Tokens backed 1:1 by underlying shares but holders do not directly own the shares
Robinhood Chain: permissionless, Ethereum-compatible Layer-2 built with Arbitrum technology; launched July 1, 2026
Robinhood Chain reached 100 million transactions — fastest EVM chain by that measure; 100-millisecond block times
On-chain tokenized equity trading volume hit $9 billion in 2026 (Kobeissi Letter): +207% QoQ, +800% YTD
Tenev cites 2021 GameStop episode as case for real-time settlement; U.S. settlement already moved T+2 to T+1
Tokenization could enable 24/7 trading, real-time settlement, portable assets
Robinhood offers 24/5 stock trading in the U.S. today
Nasdaq planning ~23-hour trading day (overnight session 9pm-4am ET), expected Dec 6 pending approval
Crypto trading revenue fell 30% QoQ in Q1 2026, adding pressure after an earnings miss
Tenev: "It would be a strange outcome if the rest of the world could build the future of ownership around American assets while Americans themselves were left behind"

Why It Matters

Robinhood's push for tokenized stocks highlights the accelerating convergence of crypto and traditional finance, and the regulatory gap that leaves U.S. investors behind while overseas users access tokenized American assets. With on-chain tokenized equity volume up over 800% YTD and Nasdaq extending trading hours, the market structure is shifting toward 24/7, real-time settlement. Tenev's argument — that tokenization rebuilds the infrastructure of ownership itself — frames the debate over whether U.S. regulators will embrace or resist this next phase.

Summary

Key Facts

Why It Matters

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