- •Vlad Tenev described tokenization as an “unstoppable freight train” that will eventually transform the entire financial system, with Europe leading and the U.S. lagging behind.
- •Robinhood is expanding into tokenized assets beyond stocks, including real estate and private equity, while also scaling its fast-growing prediction markets business.
- •The company’s long-term vision is to become a one‑stop financial platform, holding all customer assets—from savings and stocks to crypto and prediction markets—on a single platform.
On October 2, 2025, the stage at TOKEN2049 Singapore featured Vlad Tenev, founder and CEO of Robinhood. In a wide‑ranging conversation on tokenization and the future of finance, Tenev not only reflected on Robinhood’s journey but also outlined how traditional markets and blockchain are on track to converge into a single, more open system.
A DRAMATIC OPENING AND A SENSE OF MISSION
TOKEN2049 has grown into the premier stage for the global crypto industry, with more than 500 exhibitors and thousands of side events spreading across Marina Bay Sands. Tenev kicked off with vivid imagery, likening the moment to lightning in the air, setting the tone for a discussion about disruption.
For Tenev, Robinhood is no longer just an app for U.S. retail stock trading. He framed it as part of a broader mission: to push the financial system toward decentralization through tokenization. In his view, the future will not be a binary split between crypto and traditional finance. Instead, the two will gradually merge into one interconnected marketplace.
TOKENIZATION: AN UNSTOPPABLE FREIGHT TRAIN
The centerpiece of the discussion was tokenization. Tenev described it as an “unstoppable freight train” that will eventually transform the entire financial system.
Robinhood has already taken early steps in Europe, launching tokenized stock offerings that allow customers to hold U.S. equities in token form. This, he argued, is just the beginning. Real estate, private company shares, and even commodities are all on the path to being tokenized.
Tenev stressed that stablecoins themselves represent the first wave of tokenization. Over the past decade, dollar‑backed stablecoins have become essential infrastructure for crypto, extending the reach of the U.S. dollar into the digital realm. If stablecoins can provide access to U.S. assets globally, then stocks and real estate, once tokenized, could become the new default for international investors.
A DIVIDE BETWEEN EUROPE AND THE UNITED STATES
Progress, however, is uneven across regions. According to Tenev, Europe is moving faster, while the U.S. may be among the last major economies to fully embrace tokenization.
He illustrated this with a metaphor: America’s financial system is like a medium‑speed train—not a bullet train, but good enough to get passengers from point A to B. Because the system already works reasonably well, there is less urgency for wholesale transformation. By contrast, European regulators are creating clearer frameworks, enabling Robinhood to launch tokenized stock services there first.
The strategy is clear: open a foothold in Europe, expand into other regions, and eventually bring the model back to the U.S.
FROM STOCKS TO REAL ESTATE
Beyond equities, Tenev also discussed real estate tokenization. Mechanically, he explained, the process is not very different from tokenizing private company shares—packaging properties into corporate structures and issuing tokens against them.
The technology is largely ready, but the barriers are legal and regulatory. Robinhood has already shown feasibility with stocks in Europe, but extending that model to real estate and private assets will depend on licensing and jurisdiction‑by‑jurisdiction clarity. Tenev predicted that most major markets will adopt preliminary frameworks within five years, while global coverage could take a decade or more.
PREDICTION MARKETS: FROM ELECTIONS TO CULTURE
The conversation also touched on Robinhood’s prediction markets, launched less than a year ago. Tenev said this has become one of the company’s fastest‑growing businesses.
What began with contracts tied to the U.S. presidential election has expanded into sports, culture, and even AI models. Prediction markets, he argued, are not just speculative tools but also information‑discovery mechanisms. Prices reflect what participants see as the most likely outcome, whether in politics, economics, or entertainment.
While some critics dismiss prediction markets as blurring the line between finance and gambling, Tenev countered that they combine aspects of trading, betting, and media. More importantly, they have the potential to reshape all three industries by providing real‑time consensus on future outcomes.
ROBINHOOD’S LONG‑TERM BLUEPRINT: A ONE‑STOP FINANCIAL PLATFORM
Tenev concluded with Robinhood’s long‑term vision: to be the single home for all of a customer’s money and assets. From stocks and crypto to savings accounts, retirement funds, prediction markets, and credit cards, Robinhood wants to be the primary gateway for finance.
This ambition echoes Robinhood’s early mission of “democratizing finance” but extends it into the era of tokenization. For the company, tokenized assets and prediction markets are not isolated experiments; they are essential pieces of a broader ecosystem.
THE UNCERTAINTIES AHEAD
Despite the excitement, Tenev acknowledged the hurdles ahead:
- •Regulation: Jurisdictions vary widely in their willingness to approve tokenized assets and prediction markets. The U.S. remains cautious.
- •Trust: As tokenized asset pools grow, reserve proof and security will be decisive.
- •Competition: Robinhood faces pressure not only from crypto‑native exchanges like Coinbase and Binance but also from traditional banks and brokers racing to adapt.
What is clear, however, is that Vlad Tenev and Robinhood have taken a strong position: tokenization isn’t a choice—it’s inevitable. For Robinhood, the goal is not simply to join this wave but to shape it, turning the idea of a democratized, tokenized financial system into reality.