Robinhood Chief Executive Vlad Tenev said the next major phase for digital assets will be built around tokenizing real-world assets, not creating more cryptocurrencies with little or no underlying value, as the online brokerage pushes deeper into blockchain-based versions of stocks and other financial products.
Tenev’s remarks came Thursday, one day after Robinhood expanded a service that allows eligible customers to trade tokenized equities around the clock. The company’s new Stock Tokens platform is designed to let users exchange blockchain-based versions of public equities at any time and eventually use those tokens as collateral in decentralized finance, or DeFi, lending markets.
The comments also came during a difficult year for digital assets. Bitcoin was trading at $61,601.41 at 11:43 a.m. ET Thursday, down about 30% since the start of 2026. The broader cryptocurrency market has lost roughly $1 trillion in value since January, reflecting a sharp reset after a long period of enthusiasm around digital assets, exchange-traded funds, stablecoins and tokenization.
Tenev said the market’s future depends on assets that are tied to real utility and existing financial value. In his view, blockchain technology is moving away from its earlier focus on speculative tokens and toward infrastructure that can support traditional finance.
“What is exciting to me is the tokenization of real-world assets,” Tenev said, describing the trend as part of a broader convergence between digital finance and conventional markets.
The message was clear: Robinhood is betting that the next growth cycle in crypto will not be driven mainly by meme coins or unbacked tokens, but by stocks, bonds, private-company exposure, funds, Treasuries and other assets being represented on blockchain networks.
Robinhood sharpens its tokenization strategy
Robinhood began as a mobile-first stock-trading app aimed at retail traders, but it has increasingly expanded into cryptocurrency, retirement products, payments, prediction markets and tokenized financial instruments.
Its latest move places tokenized equities near the center of its product strategy. Through Stock Tokens, eligible users can trade blockchain-based versions of equities outside normal market hours. The company has also said it plans to provide exposure to privately held firms, including OpenAI, through similar instruments.
That is a potentially significant step because private-company shares are typically difficult for ordinary traders to access. Private markets are usually limited to venture funds, wealthy individuals, employees and specialized institutions. Tokenized products could broaden access, though the legal and structural details of such exposure remain important.
Tokenized stocks do not always function exactly like direct ownership of shares. Depending on the product design, a token may represent a claim, contract, synthetic exposure or economic right linked to an underlying asset. That distinction matters for voting rights, dividends, custody, corporate actions, regulatory treatment and counterparty risk.
Robinhood is positioning its approach as a bridge between traditional brokerage services and blockchain markets. Tenev said crypto is evolving into underlying market infrastructure rather than remaining a separate speculative segment. Over time, he said, both traditional and digital assets could operate onchain.
The company’s strategy took another step forward with the launch of Robinhood Chain on July 1. The new blockchain network was built to support tokenized assets and their use within DeFi. Alongside the network, Robinhood made a new generation of Stock Tokens available for 24/7 trading in more than 120 countries.
The company says these tokens are designed not only for trading, but also for use in lending pools and as collateral across the wider DeFi ecosystem. That could eventually allow traders to borrow against tokenized stocks, use them in automated financial strategies or move them between platforms, depending on the rules and controls built into the system.
A difficult year for digital assets
Tenev’s comments followed questions about the sharp decline in crypto prices this year. The downturn has been broad, affecting major tokens, smaller digital assets and the overall market value of the sector.
Bitcoin, the largest cryptocurrency by market capitalization, has fallen sharply since the beginning of the year. The token declined 33.2% between Jan. 1 and June 30, dropping from about $87,656 to $58,554, according to market data cited in the sector. By Thursday morning, it had recovered somewhat to trade above $61,000, but it remained far below its January level.
The total digital asset market has also contracted heavily. Estimates show the sector lost about $890 billion in market value during the first half of 2026, while broader measures put the decline since January at roughly $1 trillion.
The selloff has reflected several pressures. Traders have reassessed valuations after a strong prior rally. Interest-rate expectations, liquidity conditions and risk appetite have shifted. Some high-growth digital asset projects have struggled to show sustainable business models. At the same time, authorities in several jurisdictions have continued to examine how crypto products should be regulated, especially when they resemble securities or banking products.
The weakness has not been limited to smaller tokens. Large cryptocurrencies such as Bitcoin and Ethereum have also posted losses this year, showing that even the most established digital assets remain highly sensitive to broader market conditions.
Still, the decline has not ended institutional interest in blockchain infrastructure. Major financial and payments companies continue to study tokenization, stablecoins, blockchain settlement systems and digital asset custody. For many of them, the interest is less about speculative trading and more about making markets faster, cheaper and more programmable.
That distinction is central to Tenev’s argument. The future of crypto, he suggested, will be shaped by whether blockchain networks can make existing assets more useful, not by whether the market can keep producing new tokens.
Why real-world assets are gaining attention
The tokenization of real-world assets, often called RWAs, refers to the process of representing assets such as government bonds, money-market funds, stocks, real estate, loans or commodities on a blockchain.
Supporters say tokenization can make financial markets more efficient by allowing assets to trade continuously, settle faster and move more easily across platforms. Blockchain-based records can also improve transparency, reduce some back-office processes and allow assets to be used in programmable financial applications.
For example, a tokenized Treasury product can give holders exposure to short-term U.S. government debt while also allowing the token to move across blockchain networks. A tokenized stock product can provide price exposure beyond regular exchange hours. A tokenized fund can potentially settle more quickly than a traditional fund transfer.
The market for real-world asset tokenization has expanded quickly. Some estimates put its total value above $24 billion by early 2026. Tokenized U.S. Treasuries have become the largest single category in the sector, helped by demand for yield-bearing blockchain products backed by highly liquid government debt.
BlackRock’s BUIDL fund is one of the most visible examples of this trend. The fund helped validate the idea that large traditional finance firms see practical value in tokenized assets, particularly in areas such as cash management, collateral and settlement.
For Robinhood, tokenized equities could be another major category. Stocks are familiar to traders, widely followed and already supported by deep traditional markets. Turning them into blockchain-based instruments could make them available in new ways, especially across time zones and outside standard exchange hours.
But the opportunity also comes with risks. Tokenized assets must still rely on sound custody, accurate pricing, strong legal claims, reliable redemption processes and regulatory approval. A blockchain record is only as strong as the legal and financial structure behind it.
The gap between issuance and real activity
The rapid growth of tokenized assets does not mean the market is fully mature. A recent report tracking roughly $60 billion in tokenized assets found that more than half, or $32.9 billion, recorded zero transfer activity on a weekly basis.
That data points to one of the sector’s main challenges. Many assets are being placed onchain, but not all of them are actively traded or used in financial protocols. In other words, tokenization alone does not create liquidity.
Liquidity depends on market depth, trusted platforms, clear rules, active participants and practical use cases. If tokenized products sit idle in wallets or closed systems, they may offer limited improvement over traditional records. For tokenization to reshape markets, tokens need to be useful after issuance.
Robinhood’s Stock Tokens strategy appears designed to address that issue by linking tokenized equities to trading, collateral and DeFi lending. The company is trying to create not just a token, but an ecosystem where those tokens can be used.
That ambition is significant. If tokenized stocks can be transferred, borrowed against and integrated into applications, they may become more than digital wrappers around traditional assets. They could become building blocks for new financial services.
Still, building that market will require more than technology. It will require confidence from traders, cooperation from regulators, strong compliance systems and adequate safeguards against manipulation, outages and counterparty failure.
Regulation remains a central question
Tokenized equities sit at the intersection of securities law, brokerage rules, crypto regulation and consumer protection. That makes regulation one of the most important factors for Robinhood’s plans.
Traditional equities are heavily regulated because they represent ownership claims in public companies. If a token gives similar economic exposure, regulators may examine whether it should be treated as a security, derivative, contract for difference or another regulated product.
Questions may include who holds the underlying shares, whether tokens can be redeemed, how dividends are handled, whether holders receive voting rights, what disclosures are required and how cross-border trading is controlled.
These questions become more complex when tokenized products are offered in more than 120 countries. Rules differ across jurisdictions, and a product that is permitted in one market may be restricted in another.
Robinhood has experience operating within regulated brokerage environments, but tokenized assets add new layers of complexity. The company will need to show that its products are understandable, properly backed and compliant with applicable laws.
The same is true for private-company exposure. Offering products linked to companies such as OpenAI could attract strong interest, but private markets are especially sensitive because information access is more limited than in public markets. Valuation, liquidity and disclosure are all harder to manage.
For traders, the key issue will be whether tokenized products provide clear rights and transparent risks. Accessibility alone is not enough if product structures are difficult to understand.
A shift from speculation to infrastructure
Tenev’s comments reflect a broader shift in the digital asset industry. During earlier crypto cycles, much of the market’s energy centered on new tokens, decentralized applications, non-fungible tokens and speculative trading. Some projects built lasting technology, but many tokens rose and fell largely on hype.
The current environment is different. With prices under pressure and regulatory scrutiny higher, companies are focusing more on practical use cases. Tokenized Treasuries, stablecoins, settlement networks and blockchain-based collateral systems are drawing attention because they connect directly to existing financial needs.
This does not mean speculation will disappear from crypto markets. Digital assets remain volatile, and traders continue to seek high-risk opportunities. But the center of institutional activity appears to be moving toward products that have identifiable cash flows, legal claims or links to established markets.
Tenev’s view fits that pattern. By focusing on real-world assets, Robinhood is aligning itself with a more utility-driven version of blockchain finance. The company is not abandoning crypto; it is trying to reframe crypto as financial plumbing.
That framing could appeal to market participants who are skeptical of unbacked tokens but interested in faster settlement, broader access and programmable assets. It could also help Robinhood differentiate itself from crypto exchanges that rely heavily on token trading volumes.
What it means for the market
The push into tokenized assets may reshape how traders evaluate digital finance companies. Rather than focusing only on token prices or transaction volume, the market may increasingly look at asset quality, regulatory clarity, liquidity and real usage.
For Robinhood, success will depend on whether Stock Tokens can attract sustained activity and whether users see meaningful advantages over conventional equity trading. Around-the-clock access is appealing, but it must be paired with fair pricing, adequate liquidity and strong protections.
The company also faces competition. Global banks, asset managers, crypto firms and fintech platforms are all exploring tokenization. Some are focused on Treasuries and funds. Others are building settlement networks or tokenized deposit systems. Robinhood’s advantage may come from its large retail user base and its ability to combine brokerage access with crypto-native features.
The broader market will also be watching whether tokenized products can perform well during stress. When markets fall sharply, liquidity often disappears first from newer and less tested products. If tokenized equities and RWAs can continue to function smoothly during volatility, confidence in the sector could grow.
Tenev’s comments come at a moment when digital assets are under pressure but blockchain infrastructure continues to gain attention. That contrast may define the next phase of the market. Prices are down, enthusiasm has cooled, and speculative excess is being questioned. Yet the effort to bring real financial assets onchain is accelerating.
For now, the tokenization market remains promising but uneven. Its value has grown quickly, but activity levels show that many products are still not widely used. Robinhood is trying to solve that problem by combining 24/7 trading, tokenized stock exposure and DeFi functionality.
Whether that model becomes a mainstream part of financial markets remains uncertain. But Tenev’s message was direct: the future of digital assets will be judged less by how many new tokens are created and more by whether blockchain networks can carry assets that already matter in the real economy.
Explore how tokenized stocks reshape markets in 2026—read this deep dive on tokenized RWAs next.
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