Overview

• Robinhood has rolled out tokenized U.S. stocks to European users and offers tokens tied to private shares in startups such as OpenAI.
• Tenev says on-chain assets will trade around the clock and that crypto and traditional finance will ultimately merge into a single system.
• Real estate is the next asset class Robinhood intends to tokenize, which he describes as operationally similar to tokenizing private companies.
• He expects most major markets to put tokenization frameworks in place within five years, with the U.S. likely to trail due to entrenched infrastructure.
• OpenAI called its private‑share tokenization “unauthorized,” and Tenev argues the main hurdles are legal and regulatory; Robinhood also reports over four billion prediction‑market contracts since late 2024.