Robinhood has put 190 US stocks on the chain and attracted 900000 new overseas users in two months. But what's really interesting is not this number, it's spreading a secret that has been hidden for 50 years on the table. Do you think you 'own' Apple stock? No. Since 1973, almost all US stocks have been registered under the same name: Cede&Co., DTCC's nominee. What you have in your hand is a claim. Taiwan is the same: after the implementation of the centralized insurance book transfer system in 1990, the TSMC you purchased was listed under TDCC, and what you held through securities firms was a claim on TDCC. Robinhood's stock token is just the same claim, replaced with a 24-hour, global 120 country, instant clearing version. The issuer Robinhood Assets (Jersey) is backed by real stock at a 1:1 ratio, with holders receiving dividends but not voting rights. The real war is the right to vote. AMC's Adam Aron fired a gun last week, calling Robinhood a 'compatible' approach and demanding to sue the SEC. Vlad Tenev's response on CNBC: After the stock is publicly traded, the company cannot decide how others will package you. How should Robinhood vote on the pile of Collateral stocks in his hands? There is no plan yet. If this path goes through, Robinhood has the opportunity to become one of the largest silent shareholders in a large number of US listed companies. The only clean way for the company to counterattack is to directly issue its shares as tokens and remove the wrapper. This is also the direction that regulation is pushing. The tokenized stocks market is currently only a $1 billion market, but this is the first phase of reversing the trajectory of tens of trillions of global equity assets. The new year of crypto is not the next memecoin, but a rewriting of the underlying of the entire capital market.