TLDR
- Robinhood CEO Vlad Tenev told Token2049 Singapore that tokenization is a “freight train” that will eventually consume the entire financial system
- Robinhood launched tokenized stocks in Europe and plans to tokenize real estate next, aiming for 24/7 global trading of on-chain assets
- Tenev expects most major markets to establish tokenization frameworks within five years, though the U.S. may lag behind Europe
- The company has recorded over four billion event contracts traded since launching its prediction market platform in late 2024
- Tenev predicts crypto and traditional finance will fully merge, with no distinction between the two systems in the future
Robinhood CEO Vlad Tenev delivered a bullish forecast for asset tokenization during his appearance at Token2049 in Singapore on Thursday. He told attendees that tokenization represents an unstoppable force heading toward traditional finance.
“Crypto and traditional finance have been living in separate worlds, but they’ll fully merge,” Tenev said on stage. “In the future, everything will be on-chain in some form, and the distinction will disappear.”
Robinhood has already taken steps into this future by launching tokenized stocks in Europe. The company also offers private shares in non-public startups like OpenAI through its platform. These moves represent the firm’s bet on a future where assets trade around the clock on blockchain networks.
Tenev compared tokenized stocks to stablecoins in their potential reach. He said stablecoins have become the default method for digital access to dollars. Similarly, he believes tokenized stocks will become the standard way for people outside the U.S. to gain exposure to American equities.
Timeline for Adoption
The Robinhood CEO expects most major markets to establish frameworks for asset tokenization within the next five years. However, he warned that full global participation could take a decade or more. The U.S. faces particular challenges in adoption speed.
Tenev explained that America’s existing financial infrastructure works well enough to slow the push for change. He drew a comparison to transportation systems. The U.S. lacks bullet trains like those in Europe and Asia because medium-speed trains function adequately.
“The biggest challenge in the U.S. is that the financial system basically works,” Tenev said. “So the incremental effort to move to fully tokenized will just take longer.”
The CEO noted that Europe is moving ahead on tokenization regulations. This is why Robinhood chose to launch its stock tokens in Europe first. The company sees this as the future of how global investors will hold U.S. assets.
Real Estate Tokenization Plans
Robinhood plans to tokenize real estate as its next major step. Tenev told the conference audience that tokenizing property works the same way mechanically as tokenizing a private company. The process involves placing assets into a company structure and issuing tokens against it.
The CEO acknowledged that OpenAI called Robinhood’s tokenization of its private shares “unauthorized.” Crypto lawyers told CoinDesk the move presented legal challenges. Tenev dismissed these concerns as part of broader regulatory delays.
He argued that the main obstacles to real estate tokenization are legal rather than technical. Europe is already advancing in this area while the U.S. lags behind. Tenev framed real estate as a logical next asset class that could eventually trade as easily as stocks or stablecoins.
Tenev described stablecoins as the most basic form of tokenized assets. He said dollar-pegged stablecoins are gaining traction in the U.S. The same trend will likely extend to tokenized stocks, real estate and other assets.
The CEO believes tokenization could become the default way to gain exposure to U.S. stocks outside the country. He said crypto technology offers advantages over traditional methods. This will eventually eliminate any distinction between crypto and traditional finance.
Prediction Markets Growth
Robinhood has also focused on prediction markets since launching its platform in late 2024. The company has recorded more than four billion event contracts traded. This activity extends beyond election forecasting into sports, culture and AI topics.
“A lot of people had skepticism about whether this would only be an election thing,” Tenev said. “It’s really much bigger than that.”
Robinhood is now looking to expand its prediction market platform outside the U.S. The company is speaking with overseas regulators including the UK’s Financial Conduct Authority.
