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    "text": "America must continue to lead. https://x.com/i/article/2089811499535474688",
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      "preview_text": "It is becoming increasingly clear that we are in the early innings of a global tokenization supercycle. Last year, I called it a freight train that cannot be stopped—and one that will eat the entire",
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            "text": "It is becoming increasingly clear that we are in the early innings of a global tokenization supercycle. Last year, I called it a freight train that cannot be stopped—and one that will eat the entire financial system.",
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            "text": "Since then, tokenization has entered the mainstream public consciousness, and it hasn’t been just talk. Outside the US, Robinhood has been early and consistent in shipping products that push the frontiers of this new industry. Just over one month ago, at our London event, “The World Is Flat,” we launched the mainnet of Robinhood Chain, the first chain purpose-built for real-world assets. It has since become the fastest EVM chain to reach 100 million transactions, with Stock Tokens as a core primitive—giving people in over 120 countries economic exposure to 190+ US stocks, backed 1:1 by underlying shares.",
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            "text": "But there is one glaring gap: Stock Tokens are not yet available in the US.",
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            "text": "The debate over equity tokenization in America has split into two camps: eager enthusiasts asking when tokenized stocks will be available here, and skeptics asking: what is even the point? Unlike many overseas markets, where access to US equities and other high-quality RWAs can be limited, in America we already have companies like Robinhood offering several low-cost and accessible avenues to own US stocks.",
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            "text": "There has also been debate about the structure of tokenized stocks themselves. Today, Robinhood Stock Tokens are fully backed by the underlying securities and give holders economic exposure to those assets onchain, including dividends. They are not the same thing as directly owning the underlying shares, but focusing only on that distinction misses what is new: for the first time, we can tokenize exposure to high-quality financial assets and make those tokens portable, programmable, self-custodiable, and available for 24/7 trading within an open financial ecosystem. And this is only one way tokenization can be structured. As regulatory frameworks mature, we expect the token design to evolve further, including tokenized equities that carry the full rights of traditional shares.",
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            "text": "Tokenization is the best path to modernizing the American financial system and expanding the dream of ownership to all–Americans included. Tokenization isn’t about putting stocks on a blockchain for the sake of it. Rather, we are rebuilding the infrastructure underneath ownership so that assets can move as freely as information does on the internet. For American investors, that infrastructure unlocks three immediate advantages.",
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            "text": "The GameStop fiasco must never happen again. I wrote about this in January, but to recap: the trading restrictions at the heart of the GameStop episode were driven primarily by legacy clearinghouse risk-management rules applied to a two-day settlement period. We helped push the industry from two-day settlement to one-day settlement. Even so, brokerages are still forced to put up significant amounts of cash to reduce the risk in the time between a stock trade and its settlement.",
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            "text": "Robinhood is already pushing the limits with 24/5 trading in the US using traditional means, and we’ll continue to innovate toward an always-open model. But making that work seamlessly by stitching together various exchanges and alternative trading systems has been complex. On blockchains like Robinhood Chain, 24/7 trading and fractional ownership come built-in.",
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            "text": "Finally, tokenization gives people more control over their assets–and forces financial platforms to compete. In the TradFi world, moving your assets to another broker via legacy ACAT rails can be a painful, multi-day process. Many don’t do it because of the uncertainty of having their assets in limbo, especially while the market moves. Tokenization enables moving assets instantly across the globe—whether between TradFi platforms, or into the world of DeFi. By taking friction out of the equation, portability forces platforms to compete on price and innovation. Customers can optimize for a great experience rather than being locked into a walled garden.",
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            "text": "And portability is just one benefit of self-custody—the ability for people to hold their Stock Tokens in their own crypto wallet. In addition to giving people greater control, self-custody opens the door to do more with your assets directly, including lending and using them as trading collateral through DeFi. We are already seeing developers on Robinhood Chain building new Stock Token applications we didn’t anticipate. We believe this will only accelerate as we improve our RWA primitives and give developers more tools to build an increasingly vibrant onchain economy.",
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            "text": "But unlocking these benefits in America will require more than technology. More than a century of US securities laws and regulations has produced a complex web of requirements built around the market structure and technology of an earlier era. Many of those rules serve important investor-protection and market-integrity goals, but their implementation has also reinforced legacy infrastructure that is increasingly out of step with what modern technology can do. Market participants are beginning to move toward blockchain-based systems, but policymakers need to modernize the rules so that we can preserve those protections while enabling fundamentally better infrastructure. They need to move quickly. Other jurisdictions will not wait for America to catch up, and getting this right has far-reaching implications.",
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            "text": "Public stocks are only the beginning. Tokenizing public equities gives us the foundation to build the infrastructure, liquidity, and onchain ecosystem that can eventually support a much broader universe of assets. Just over the horizon are asset classes where access and liquidity are far more limited today, particularly shares of private companies. Technology alone won’t remove every barrier—the accredited investor standard, for example, still locks most Americans out of private markets—but getting the infrastructure right for public stocks can pave the way for broader access, greater liquidity, and entirely new forms of ownership.",
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            "text": "American investors should benefit from this innovation, too. These are, after all, largely American assets, and American companies like Robinhood are driving much of the innovation. It would be a strange outcome if the rest of the world could build the future of ownership around American assets while Americans themselves were left behind.",
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            "text": "The debate over equity tokenization in America has split into two camps: eager enthusiasts asking when tokenized stocks will be available here, and skeptics asking: what is even the point? Unlike many overseas markets, where access to US equities and other high-quality RWAs can be limited, in America we already have companies like Robinhood offering several low-cost and accessible avenues to own US stocks.",
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            "text": "There has also been debate about the structure of tokenized stocks themselves. Today, Robinhood Stock Tokens are fully backed by the underlying securities and give holders economic exposure to those assets onchain, including dividends. They are not the same thing as directly owning the underlying shares, but focusing only on that distinction misses what is new: for the first time, we can tokenize exposure to high-quality financial assets and make those tokens portable, programmable, self-custodiable, and available for 24/7 trading within an open financial ecosystem. And this is only one way tokenization can be structured. As regulatory frameworks mature, we expect the token design to evolve further, including tokenized equities that carry the full rights of traditional shares.",
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            "text": "The GameStop fiasco must never happen again. I wrote about this in January, but to recap: the trading restrictions at the heart of the GameStop episode were driven primarily by legacy clearinghouse risk-management rules applied to a two-day settlement period. We helped push the industry from two-day settlement to one-day settlement. Even so, brokerages are still forced to put up significant amounts of cash to reduce the risk in the time between a stock trade and its settlement.",
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            "text": "But unlocking these benefits in America will require more than technology. More than a century of US securities laws and regulations has produced a complex web of requirements built around the market structure and technology of an earlier era. Many of those rules serve important investor-protection and market-integrity goals, but their implementation has also reinforced legacy infrastructure that is increasingly out of step with what modern technology can do. Market participants are beginning to move toward blockchain-based systems, but policymakers need to modernize the rules so that we can preserve those protections while enabling fundamentally better infrastructure. They need to move quickly. Other jurisdictions will not wait for America to catch up, and getting this right has far-reaching implications.",
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