This article traces Robinhood’s growth trajectory, dissecting how this "new financial giant" leverages blockchain technology and regulatory advantages to evolve from a "low-cost, user-friendly" brokerage into a key player in the tokenized U.S. stocks wave.
June 30, 2025, Cannes, France—At the center of the stage, Robinhood CEO Vlad Tenev unveiled a series of groundbreaking initiatives: Robinhood Chain (built on Arbitrum), tokenized U.S. stock trading, perpetual futures, ETH/SOL staking, private equity token subscriptions, and the Rabbit Gold Card, which converts offline cashback rewards directly into crypto assets. Dubbed "To Catch a Token," the event didn’t just announce products—it took aim at the heart of traditional finance. Following the announcement, Robinhood’s stock surged nearly 10%, pushing its market cap past $76 billion, electrifying both crypto and stock investors.
From a "zero-commission" disruptor to a rebuilder of on-chain finance, Robinhood is embedding itself deep into the global financial architecture. This isn’t just a brokerage’s evolution—it’s a strategic pivot spanning technology, product, regulation, and user acquisition. Against the backdrop of the Trump administration’s relaxed crypto regulations and a global wave of asset tokenization, Robinhood aims to pioneer a closed-loop system combining tokenized stocks, private equity, and a native Layer 2, creating a new order for 24/7 on-chain trading and asset issuance.
This article is divided into three parts, starting with Robinhood’s rise, then dissecting how this "new financial titan" is using blockchain and compliance to transform from a budget-friendly broker into a core player in the tokenized stock revolution.
In 2013, inspired by the Occupy Wall Street movement, Stanford graduates Vlad Tenev and Baiju Bhatt identified a structural inequity in traditional finance: institutional investors enjoyed trading privileges thanks to technology and cost advantages, while retail investors faced high fees and complex barriers. Driven by a vision of "financial democratization," the two millennials created Robinhood, a disruptive platform offering zero-commission, no-minimum trading. Launched in 2015, the app quickly gained traction, with over 50,000 early sign-ups and a waitlist exceeding 1 million before its official release. By 2018, Robinhood had 4 million users, surpassing legacy broker E*TRADE (founded in 1982) and heralding the era of internet-based trading platforms.
As its business model matured, Robinhood’s identity shifted from a "free stock trading app" to a "next-gen financial gateway." By Q1 2025, the platform boasted 25.8 million funded accounts (up 8% YoY), with total client assets hitting $221 billion—averaging $8,566 per user, an all-time high. This growth reflects a user base transitioning from "casual retail traders" to "mass-affluent investors." Notably, Robinhood Gold (its premium tier) surpassed 3.2 million subscribers, up 90% YoY, underscoring its appeal to younger, higher-net-worth users.
But Robinhood’s ambitions extend far beyond "putting assets on-chain." It’s building a complete on-chain asset management ecosystem, positioning itself as a "crypto-powered Fidelity." The strategy took shape early:
2022: Launched Robinhood Wallet, a non-custodial wallet supporting BTC/ETH and DeFi integrations.
2023: Enabled on-chain withdrawals, breaking down centralized account barriers.
2024: Acquired Bitstamp (Europe’s oldest licensed exchange) for $200 million, gaining 50+ global licenses and access to 5,000+ institutional liquidity providers. This deal turbocharged Robinhood’s compliance framework and institutional capabilities, clearing the path for on-chain finance.
These moves paid off: Q1 2025 earnings revealed $583 million in revenue, with crypto ($252 million, 43%) overtaking options ($240 million) and stocks ($184 million) as the top revenue driver. This shift highlights Robinhood’s mastery of crypto trading, liquidity engines, and financial service loops. As Tenev often states: "Robinhood’s mission isn’t to replicate Wall Street—it’s to build an on-chain financial system accessible to all."
At the "To Catch a Token" event, Robinhood unveiled its Europe-first strategy, centered on:
Tokenized U.S. Stocks: 200+ stocks/ETFs tokenized on Arbitrum Layer 2, enabling 24/5 trading with real-world dividends and stock splits. Plans to expand to 1,000+ assets by year-end.
Perpetual Futures: Simplified mobile UI with slider-based leverage/stop-loss tools, powered by Bitstamp’s liquidity.
Private Equity Tokens: Tokenized shares in SpaceX, OpenAI, and other unicorns, offering retail investors 1:1 exposure to pre-IPO deals (with 2% deposit bonuses).
For the U.S. market, Robinhood rolled out:
ETH/SOL Staking: No minimums, plus 2% rewards.
AI Assistant "Cortex": Analyzes on-chain data, whale activity, and news to generate personalized strategies for Gold members.
The linchpin? Robinhood Chain, a RWA-optimized Layer 2 (Arbitrum-based) with a three-phase rollout:
Tokenization: Robinhood mints 1:1 asset-backed tokens.
Liquidity: Bitstamp ensures trading continuity during market closures.
Sovereignty: Full self-custody and cross-chain portability by 2026.
Robinhood’s path is fraught with hurdles:
U.S. Regulation: The SEC lacks clear rules for security tokens, though the RWA Registration and Compliance Exemption Act (passed by the House in 2024) offers hope.
EU Compliance: MiCA provides a framework, but cross-border KYC/AML and tax reporting remain complex.
Competition: Coinbase (Base L2), Kraken (xStocks on Solana), and Revolut/eToro are vying for the same market.
Yet Robinhood’s three moats stand firm:
Licenses: Full U.S. brokerage牌照 + Bitstamp’s 50+ global permits.
Liquidity: 5,000+ institutional partners via Bitstamp.
Users: 10M+ monthly active traders and the Rabbit Gold Card, bridging spending and crypto.
As Anna Lee (Robinhood’s CCO) puts it: "Compliance and innovation aren’t opposites—they’re twin engines." The goal? A "frictionless on-chain finance experience" where digital assets become everyday tools for global investors.
The tokenization wave is here—and Robinhood is riding it to the forefront. 🚀
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