Robinhood CEO Vlad Tenev Says the ‘Tokenization Supercycle’…

Robinhood chief executive Vlad Tenev is pressing US regulators to move faster on tokenized equities, saying financial markets are only in the early stages of what he calls a "tokenization supercycle."

Speaking on August 18, Tenev argued that moving traditional assets onto blockchain infrastructure could become one of the most consequential changes to capital markets in decades. He also warned that the US risks falling behind jurisdictions where blockchain-based versions of traditional securities are already being offered.

Robinhood has already moved further into tokenization than most big US brokerages. The company says it now makes more than 2,000 stock tokens available to eligible customers across the European Union and European Economic Area, providing blockchain-based exposure to US stocks and ETFs. It has separately launched the public testnet for Robinhood Chain, an Ethereum Layer 2 network designed for financial applications and tokenized real-world assets. In April, Robinhood reported that the testnet had processed over 100 million transactions.

Tenev's longer-term view treats tokenization as more than a way to put conventional stocks on a blockchain. He describes it as an opportunity to rebuild asset-ownership infrastructure, potentially supporting continuous trading, more efficient settlement and broader access to assets that have historically been difficult for retail investors to buy or sell. During Robinhood's first-quarter earnings call, he told investors: "We're at the very beginning of what's going to be a tokenization supercycle."

The company has also flagged a key distinction between tokenized exposure and conventional shares. Depending on the structure, token holders may not directly own the underlying registered security, leaving regulatory treatment, shareholder rights, custody and settlement as central open questions.

In the US, securities regulation was built around centralized exchanges, brokers and clearing systems, creating the biggest obstacle to Robinhood's model. Tenev argues tokenization could bring US investors faster settlement, 24-hour market access and better access to private-market investments. Washington has begun reviewing parts of the old 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 said technological changes have reduced the rule's benefits and that existing requirements could inhibit new products and trading technologies.

International activity is meanwhile building momentum. Data cited by The Kobeissi Letter put onchain tokenized-equity trading volume at roughly $9 billion during 2026, up more than 800% year to date and more than 200% quarter over quarter. Robinhood sees those numbers as the beginning, not the peak, and for Tenev the larger opportunity is using crypto technology as infrastructure for conventional finance. If that thesis holds, the next major blockchain adoption cycle may be driven less by new cryptocurrencies than by stocks, private companies and other traditional financial assets moving onto blockchain rails.