Robinhood CEO Vlad Tenev has called on U.S. regulators to establish a clearer framework for tokenized equities, arguing that financial markets are at the beginning of a “tokenization supercycle.” Speaking on August 18, Tenev warned that the United States risks falling behind jurisdictions where blockchain-based versions of traditional securities are already available.
Tenev’s argument goes beyond placing conventional stocks on a blockchain. He sees tokenization as a way to rebuild the infrastructure behind asset ownership, potentially enabling continuous markets, faster and more efficient settlement, and broader access to assets that have historically been difficult for retail investors to trade. He reiterated the view he previously shared during Robinhood’s first-quarter earnings call: “We’re at the very beginning of what’s going to be a tokenization supercycle.”
Robinhood has moved further into tokenization than most major U.S. brokerages. The company 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. It has also launched the public testnet for Robinhood Chain, an Ethereum Layer 2 network designed for financial applications and tokenized real-world assets. The company reported in April that the testnet had processed more than 100 million transactions.
The distinction between tokenized exposure and conventional shares remains important because token holders may not directly own the underlying registered security depending on the structure. Regulatory treatment, shareholder rights, custody and settlement structures are therefore central questions as the market develops. Still, Robinhood believes blockchain infrastructure could reduce many geographic and operational restrictions embedded in traditional securities markets.
The next test is bringing the model to the United States. Tenev argues 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.
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. For Tenev, 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, but by moving stocks, private companies and eventually other traditional financial assets onto blockchain rails.
