On June 30, Robinhood officially announced the launch of a suite of on-chain financial products at a press conference in Cannes, France. These products include tokenized trading of U.S. stocks and ETFs, perpetual contracts, staking services, and a self-built Layer 2 blockchain, marking the traditional commission-free brokerage's accelerated transformation into an on-chain infrastructure platform. This upgrade by Robinhood not only represents a systematic expansion of its global crypto business but also directly targets the promising RWA (Real World Assets) sector in the current crypto finance landscape. As institutions like Coinbase and Kraken venture into this field, Robinhood aims to create a compliant and user-friendly on-chain stock trading platform for global users.
The tokenization of U.S. stock assets is not a new concept; early attempts such as FTX and Mirror Protocol emerged as far back as 2020, attempting to map U.S. stocks to on-chain trading. However, these explorations often ended with experimental products due to issues like regulatory ambiguity, lack of asset custody, and difficulties in creating a closed trading loop, failing to establish mainstream acceptance. In contrast to the earlier outsourced mapping attempts led by crypto projects, this phase sees compliant institutions like Robinhood and Coinbase stepping in to integrate on-chain functionalities into their native systems. Tokenization is no longer limited to simple code mapping but is beginning to explore deep integration with traditional financial products, aiming for an organic connection with the real financial system.
Below, CoinW Research Institute will conduct an in-depth analysis of this phenomenon.
1. Robinhood's Entry into U.S. Stock Tokenization and Launch of Self-Built Layer 2
At the press conference in Cannes, Robinhood detailed its plans for U.S. stock tokenization, the launch of perpetual contracts, and crypto staking services, as follows:
1. Initially Based on Arbitrum, Later Transitioning to Self-Built Layer 2
Robinhood will officially launch tokenized trading services for U.S. stocks and ETFs in Europe, supporting commission-free trading for over 200 U.S. stocks and ETFs. All tokenized stocks will support dividend distribution, and the trading hours will be 24/7 for five days a week, greatly enhancing user investment flexibility. Initially, Robinhood's tokenized stocks will be issued through the Arbitrum network, after which Robinhood will launch its own Layer 2 to host these assets, still based on Arbitrum technology. In the future, this self-built Robinhood chain will be designed specifically for RWA, featuring 24/7 trading, cross-chain bridging, and user self-custody as native functionalities. Robinhood stated its commitment to truly bringing global users into the crypto space and activating the long-term value of the RWA market.
2. Launching Perpetual Contracts with Up to 3x Leverage
At the same time, Robinhood is launching perpetual contract products specifically designed for EU users. The product will offer up to 3x leverage, supporting non-delivery and continuous position building. The primary target markets are the EU and European Economic Area (EEA), with the product set to be fully available by the end of this summer. Robinhood utilizes Bitstamp's perpetual contract trading infrastructure and combines it with its own UI system to provide users with a minimalist interface design, such as setting position sizes and margin operations, reducing complexity and enhancing trading convenience.
3. Launching Staking Services for ETH and SOL, Covering U.S. and European Users
Robinhood announced support for crypto staking services for ETH and SOL in the U.S. market, allowing qualified users to participate in network validation and earn rewards directly through the Robinhood platform. This feature was previously launched in Europe. Compared to traditional DeFi products, Robinhood's staking interface is more user-friendly and provides instant yield rates, dividend distribution, and staking status inquiry functionalities. By launching staking services, Robinhood not only enhances user stickiness on the platform but also creates a closed-loop path for users to complete transactions, hold assets, and earn rewards within Robinhood.
4. Upgrading Products and Launching Incentive Mechanisms
Additionally, Robinhood has initiated a short-term recharge incentive program, where users can receive a 1% instant reward for depositing crypto assets onto the platform, with the reward increasing to 2% if total deposits reach $500 million. Furthermore, U.S. users can earn cashback through the Robinhood Gold credit card, which is automatically used to purchase crypto assets. Robinhood has also launched the AI investment assistant Cortex, introducing an intelligent trading system that automatically finds the best quotes for traders and provides tiered rates based on trading volume, significantly optimizing execution efficiency.
2. Recent Institutions Entering Stock Tokenization
Robinhood's crypto strategy has been in preparation for some time, having established a partnership with Arbitrum as early as 2024 to support the technical foundation of its U.S. stock tokenization services. Notably, Robinhood is not the only institution venturing into stock tokenization. Below, CoinW Research Institute will outline the recent mainstream U.S. stock tokenization institutions based on the public chains they have chosen. It is important to note that the public chains selected by these institutions primarily reflect their considerations regarding technology, infrastructure, and compliance. Currently, stock tokenization is still in its early stages, and liquidity has yet to form, so it is not appropriate to simply judge market advantages based on the chosen public chains.
1. Arbitrum
Institution 1: Robinhood
Issued Asset Scale: Over 200 tokenized products for U.S. stocks and ETFs have been launched in Europe, including tokenized versions of Apple, Microsoft, Nvidia, Amazon, and private companies like OpenAI and SpaceX.
Compliance and Custody: The platform first launched products in the EU and EEA according to local regulatory standards to ensure legal and compliant trading. This service is open to users in 30 EU/EEA countries, reaching over 400 million investors. In the future, Robinhood's self-built Layer 2 chain will expand to global users, further strengthening compliance and user identity management.
Launch Time: The stock tokenization service officially launched in the European region on June 30. The future Layer 2 self-built chain based on Arbitrum will support 24/7 trading, bridging, and self-custody.
On-Chain Deployment: Initially, all tokenized assets are issued on the Arbitrum chain, and later will switch to Robinhood's self-built Layer 2 network; contracts and asset issuance are led by Robinhood, with technology sourced from the Arbitrum Rollup technology stack.
Institution 2: Gemini
Issued Asset Scale: The first supported asset is the on-chain version of MSTR (MicroStrategy) stock, which can be traded and self-custodied on the Arbitrum network. This product allows users to purchase MSTR equity tokens in any amount, enjoying the same economic rights as the underlying asset, with more tokenized versions of U.S. stocks and ETFs to be launched in the coming weeks.
Compliance and Custody: Gemini's tokenized stock service is provided by its European subsidiary, which has been authorized by the Malta Financial Services Authority (MFSA) under the Investment Services Act, possessing compliance qualifications under the MiFID framework, including proprietary trading and order execution on behalf of clients. This product is defined as a digital derivative linked to U.S. stocks in Europe and is not open to U.S. users. Additionally, Gemini collaborates with Dinari, a registered stock transfer agent with the U.S. SEC, responsible for the issuance of tokenized stocks and 1:1 physical custody.
Launch Time: On June 30, the first U.S. stock token product MSTR (MicroStrategy) was launched for European users, with plans to expand to more stocks and ETFs in the coming weeks, providing a 24/7 on-chain stock trading experience.
On-Chain Deployment: MSTR has been issued on the Arbitrum network, allowing users to freely transfer and hold on-chain, with plans to support more Layer 2 networks in the future.
2. Base
Institution: Coinbase
Issued Asset Scale: Coinbase is actively advancing the progress of tokenized stocks, with the platform submitting applications to the U.S. Securities and Exchange Commission (SEC) to provide on-chain tokens sourced from U.S. stocks upon approval.
Compliance and Custody: It may launch in a compliant manner through a "no-action letter or exemption approval." It will integrate with Coinbase Custody and Broker-Dealer custody systems to achieve a closed loop of asset on-chain circulation and physical off-chain custody.
Launch Time: In June, an application was submitted to the SEC, which is currently under review.
On-Chain Deployment: The full implementation of U.S. stock token trading functions is based on the self-built Base network, integrated with components like Coinbase Wallet and dApp browsers.
3. Solana
Institution 1: Kraken
Issued Asset Scale: The first batch of 60 U.S. stocks and ETFs (55 stocks and 5 ETFs) was launched through xStocks, covering Apple, Tesla, Microsoft, Google, Netflix, Meta, and others.
Compliance and Custody: xStocks is supported by Backed Finance with a 1:1 correspondence to real securities and provides on-chain custody transparency through the Chainlink Proof-of-Reserves mechanism, complying with European MiFID II regulatory requirements. Assets can support cash redemption and are managed by Kraken.
Launch Time: The service is live and open for 24/5 trading for non-U.S. users. It will also integrate with Solana DeFi, supporting protocols like Raydium and Jupiter.
On-Chain Deployment: Issued based on the Solana SPL Token standard, compatible with mainstream wallets including Kraken's own wallet, Phantom, and Jupiter Mobile. xStocks can be freely transferred, interacted with, and self-custodied on-chain.
Institution 2: Bybit
Issued Asset Scale: Starting from June 30, 10 pairs of tokenized stocks will be launched in phases, each paired with USDT.
Compliance and Custody: Assets are supported by Backed Finance custody, complying with European MiFID II regulatory requirements.
Launch Time: On June 30, COINX and NVDAX were launched; on July 1, CRCLX and APPLX were added; from July 2 to July 7, HOODX, METAX, GOOGLX, AMZNX, TSLAX, and MCDX will be gradually launched.
On-Chain Deployment: Primarily deployed on the Solana chain, supporting 24/5 on-chain trading, allowing users to directly receive, hold, and transfer tokenized stocks within the Solana wallet.
Institution 3: Solana DeFi Protocols — Kamino / Raydium / Jupiter
Mechanism Introduction: On the first day of xStocks' launch, it integrated with DeFi protocols such as Kamino, Raydium, and Jupiter, supporting liquidity provision, token swaps, lending, and more. Users can add tokenized stocks to liquidity pools to earn transaction fee income and lending interest.
Specific Functions of the Protocol: Raydium provides AMM liquidity pools; Jupiter acts as a DEX aggregator, supporting trading and limit orders; Kamino Swap focuses on lending and yield optimization.
Wallet Support: The Phantom wallet has added xStocks, and Jupiter Mobile can also browse trading pairs.
Institution 4: AIX (Kazakhstan Exchange)
Mechanism Introduction: On May 29, Jupiter signed a memorandum of cooperation with the Solana Foundation, AIX, and Intebix to jointly explore the launch of a dual listing mechanism for "traditional IPOs and on-chain tokenized issuance." This mechanism allows companies to complete traditional IPOs on AIX while issuing tokenized stocks on the Solana chain through the Intebix platform, enabling synchronized on-chain trading.
On-Chain Deployment: This mechanism is based on the Solana network, leveraging its PoH and PoS consensus to achieve 24/7 on-chain clearing and instant transaction settlement. The tokenized stocks will be distributed and traded through Intebix's technology engine and Jupiter's DEX interface.
Key Points Worth Considering Behind Stock Tokenization
1. Currently More of an On-Chain Structural Restructuring Rather Than Incremental Injection
This article believes that the current stock tokenization essentially resembles a structural restructuring of existing on-chain liquidity rather than an introduction of new funds or users. Most stock token projects still operate within specific platform environments, and their trading models typically rely on centralized matching, allowing transactions only on specific on-chain and permissioned platforms. Overall, their circulation range is limited, and they have yet to establish open liquidity across protocols and platforms.
If stock tokens can achieve on-chain openness and programmability under compliance in the future, possessing characteristics such as audit transparency and protocol compatibility, they are expected to become new leverage and liquidity tools on-chain. This would not only enhance the diversity of on-chain asset allocation but also introduce a new asset structure akin to equity into the DeFi system, thereby improving the overall capital efficiency and risk resistance of the ecosystem.
2. Public Chains with Regulatory and Financial Compatibility Will Truly Benefit
In the RWA sub-sector of stock tokenization, the public chains with the most potential for benefit are not solely those that rely on performance or ecological prosperity, but rather those that can strike a balance between regulatory adaptation and financial combinability. For example, Solana has become the preferred choice for institutional deployment due to its high performance and low fees, but it remains relatively weak in terms of permission control and regulatory compliance modules; Base, while backed by Coinbase and possessing natural compliance channel advantages, still has its DeFi module ecosystem in the construction phase and lacks a complete financial infrastructure; Arbitrum also has certain technical advantages but lacks direct collaboration with CEX platforms, making its token issuance and control relatively decentralized.
In the future, public chain platforms that can stand out in stock tokenization should meet three major characteristics: first, they must gain regulatory trust from major issuance platforms or traditional institutions, possessing the capability for compliant on-chain access; second, they should have mature on-chain financial modules that enable efficient circulation and leverage integration of token assets; third, they must support modular management of asset permissions and trading paths to ensure regulatory and audit traceability. The ultimate winners will be the public chains and platforms that can simultaneously connect with regulation, traffic, and structured protocols in a multidimensional collaborative manner.
3. Stock Tokenization Expands RWA, but Liquidity Still Needs Improvement
Stock tokenization injects a new dimension of real assets into the RWA sector, mapping the most liquid and risk-tolerant stock assets from traditional markets onto the chain, with the potential to build a third type of RWA foundational asset following stablecoins and government bonds. However, at the current stage, this sector still faces a liquidity dilemma where assets can be issued but not flexibly circulated. Tokenized stocks are mostly limited to permissioned platforms, lacking combinability and native protocol embedding, resulting in insufficient on-chain trading depth and an inability to form a positive cycle linking capital usage and returns.
For investors, stock tokenization is still in its early stages, but it offers opportunities to participate in on-chain real equity asset allocation, with a focus on two core factors: compliance and liquidity. First, prioritize platforms and projects that have clear regulatory qualifications and compliant stock token issuance to avoid asset locking or liquidity risks caused by regulatory policy fluctuations. Second, it is advisable to closely observe which projects are attempting to connect stock tokens with on-chain credit systems, such as whether they can embed stablecoin lending, re-staking, peer-to-peer trading, and other scenarios. Additionally, monitoring whether mechanisms for on-chain dividend distribution and original shareholder governance mapping can be realized will also help identify which tokenized stocks truly possess long-term financial functionality.
References:
- Robinhood Launches Stock Tokens, Reveals Layer 2 Blockchain, and Expands Crypto Suite in EU and US with Perpetual Futures and Staking
- We've Launched Tokenized Stocks, Starting With MicroStrategy (MSTR)
https://www.gemini.com/blog/weve-launched-tokenized-stocks-starting-with-microstrategy-mstr
- From Wall Street to your wallet: Tokenized equities now available on Kraken
https://blog.kraken.com/product/xstocks/tokenized-equities-now-available
- Tokenized stock trading live on Kraken, Bybit and Solana’s DeFi ecosystem
- Solana Foundation, Jupiter, AIX, and Intebix sign MoU for Dual IPO Listings
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