Robinhood CEO Vlad Tenev says financial markets are only at the beginning of a “tokenization supercycle,” arguing that moving traditional assets onto blockchain infrastructure could become one of the most consequential changes to capital markets in decades.
Tenev reiterated the view on August 18 while calling on U.S. regulators to establish a clearer framework for tokenized equities, warning that the United States risks falling behind markets where blockchain-based versions of traditional securities are already available.
His argument goes beyond putting conventional stocks on a blockchain. Tenev sees tokenization as an opportunity to rebuild the infrastructure underlying asset ownership, potentially enabling markets that operate continuously, settle more efficiently and provide broader access to assets that historically have been difficult for retail investors to trade.
“We’re at the very beginning of what’s going to be a tokenization supercycle,” Tenev previously told investors during Robinhood’s first-quarter earnings call.
Robinhood Is Already Building the Infrastructure
Robinhood has moved considerably further into tokenization than most major U.S. brokerages.
The company says it now offers more than 2,000 stock tokens to eligible customers across the European Union and European Economic Area, providing blockchain-based exposure to U.S. stocks and ETFs.
Robinhood has also launched the public testnet for Robinhood Chain, an Ethereum Layer 2 network designed specifically for financial applications and tokenized real-world assets. The company reported in April that the testnet had already processed more than 100 million transactions.
Its longer-term strategy includes tokenizing both public and private companies and allowing assets to move between traditional financial markets and decentralized applications.
The distinction between tokenized exposure and conventional shares remains important. Depending on the structure, token holders may not directly own the underlying registered security. Regulatory treatment, shareholder rights, custody and settlement structures therefore remain central questions as the market develops.
Still, Robinhood believes blockchain infrastructure could eventually reduce many of the geographic and operational restrictions embedded in traditional securities markets.
U.S. Regulation Becomes the Next Test
The biggest obstacle is bringing the model to Robinhood’s home market. Tenev argues that tokenization could give American investors faster settlement, 24-hour market access and improved access to private-market investments, but U.S. securities regulations were largely designed around centralized exchanges, brokers and clearing systems.
Regulators have recently begun reconsidering parts of that architecture. In June, the SEC proposed eliminating Regulation NMS Rule 611, the trade-through rule that generally requires orders to receive protection against inferior prices across trading venues.
The SEC has argued that technological changes have reduced the rule’s benefits and that existing requirements could inhibit new products and trading technologies.
Meanwhile, tokenized equity activity is accelerating internationally. Data cited by The Kobeissi Letter put onchain tokenized-equity trading volume at approximately $9 billion during 2026, up more than 800% year to date and over 200% quarter over quarter.
Robinhood is betting those numbers represent the beginning rather than the peak.
For Tenev, the investment case for blockchain therefore extends beyond Bitcoin and other crypto-native assets. He argues that the larger opportunity is using crypto technology as infrastructure for conventional finance.
If that thesis proves correct, the next major blockchain adoption cycle may not be driven primarily by new cryptocurrencies. It could come from moving stocks, private companies and eventually other traditional financial assets onto blockchain rails.
