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CoinW Research Institute: U.S. stock tokens are launched, Robinhood reshapes the crypto financial landscape | Bee Network

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CoinW Research Institute: U.S. stock tokens are launched, Robinhood reshapes the crypto financial landscape | Bee Network Login 热门新闻 备忘录启动板 人工智能代理 德西 TopChainExplorer 给 Newbee 100 倍金币 蜜蜂游戏 重要网站 必备应用程序 加密货币名人 德平 新手必备 陷阱探测器 基本工具 高级网站 交流 NFT 工具 你好、, 签出 Web3 宇宙 游戏 DApp 蜂巢 成长平台 生态 搜索 英语 充值金币 登录 下载 Web3 大学 游戏 DApp 蜂巢 生态 家•分析•正文 CoinW Research Institute: U.S. stock tokens are launched, Robinhood reshapes the crypto financial landscape分析8个月前更新怀亚特 29,6491 13 On June 30, Robinhood officially announced the launch of a package of on-chain financial products at a press conference held in Cannes, France, covering tokenized trading of U.S. stocks and ETFs, perpetual contracts, staking services, and self-built Layer 2 blockchains, marking that the traditional zero-commission broker is accelerating its transformation to an on-chain infrastructure platform. Robinhoods upgrade is not only a systematic expansion of its global 加密 business, but also directly targets the RWA track with potential in current crypto finance. As institutions such as Coinbase and Kraken have successively tried their hand in this field, Robinhood aims to create a compliance-friendly on-chain stock trading platform for global users.

The tokenization of U.S. stock assets is not the first time it has been proposed. As early as 2020, there were early attempts in the market such as FTX and Mirror Protocol, trying to map U.S. stocks to on-chain transactions. However, due to issues such as vague compliance, lack of asset custody, and difficulty in closing the transaction loop, these explorations mostly ended up as experimental products and failed to establish mainstream acceptance. Compared with the early outsourced mapping attempts led by crypto projects, at this stage, more compliance institutions such as Robinhood and Coinbase began to take action themselves and integrate on-chain functions into the native system. 代币ization no longer stops at simple code mapping, but begins to explore deep integration into traditional financial products, trying to achieve an organic connection with the real financial system.

Below, CoinW Research Institute will conduct an in-depth analysis of this phenomenon.

1. Robinhood enters the US stock tokenization and will launch its own Layer 2 This time, Robinhood held a press conference in Cannes, France, and disclosed in detail the details including the tokenization of US stocks, the launch of perpetual contracts and crypto staking services, as follows:

1. Initially based on Arbitrum, and then turned to self-built Layer 2 Robinhood

The tokenized trading service for U.S. stocks and ETFs has been officially launched in Europe, supporting commission-free trading of more than 200 U.S. stocks and ETFs. All tokenized stocks support dividend distribution, and the trading hours are 5 days a week and 24 hours a day, which greatly expands the flexibility of user investment. Robinhoods tokenized stocks were initially issued through the Arbitrum network, and then Robinhood will launch its own Layer 2 to carry such assets, still based on Arbitrum technology. In the future, this Robinhood autonomous chain will be designed specifically for RWA, with native functions such as 24/7 all-weather trading, cross-chain bridging, and user self-custody. Robinhood said it will be committed to truly introducing global users into the crypto field and activating the long-term value of the RWA market.

2. Launch perpetual contracts, providing up to 3x leverage

At the same time, Robinhood launched a perpetual contract product designed specifically for EU users. The product will provide up to 3 times leverage and support transactions without delivery and continuous position building. The main target regions are the EU and European Economic Area (EEA) markets, and the product will be fully open before the end of summer this year. Robinhood uses Bitstamps perpetual contract trading infrastructure and combines its own UI system to provide users with a minimalist interface design, such as setting position size, margin operations and other core functional modules, reducing complexity and improving trading convenience.

3. Launch ETH and SOL staking services to cover European and American users

Robinhood announced that it will support ETH and SOL crypto staking services in the U.S. market, allowing qualified users to participate in network verification and earn income directly through the Robinhood platform. This feature has been launched in Europe before. Compared with traditional DeFi products, Robinhoods staking interface is more user-friendly and provides instant yield, dividend distribution and staking status query functions. By launching the staking service, Robinhood not only improves the user stickiness of the platform, but also opens up a closed-loop path for users to complete transactions, holdings, and earnings within Robinhood.

4. Upgrade products and introduce incentive mechanisms

At the same time, Robinhood launched a short-term recharge incentive campaign, where users can get an instant 1% reward for recharging crypto assets to the platform. If the total recharge amount reaches US$500 million, the reward will rise to 2%. In addition, US users can also get cash back through Robinhood Gold credit cards, which can be automatically used to purchase crypto assets. Robinhood also launched the AI investment assistant Cortex at the same time, introducing an intelligent trading system that automatically finds the best quotes for traders and provides tiered rates based on trading volume, greatly optimizing execution efficiency.

2. What are the institutions that have recently deployed stock tokenization? Robinhoods crypto layout has been prepared for a long time. As early as 2024, it reached a partnership with Arbitrum to promote the technical foundation of its US stock tokenization service. It is worth noting that Robinhood is not the only institution involved in stock tokenization. In the following, CoinW Research Institute will sort out the recent mainstream US stock tokenization institutions based on the public chains selected by each institution. It should be pointed out in particular that the public chains selected by the following institutions mainly reflect their deployment considerations at the technical, infrastructure and compliance levels. The current stock tokenization is still in its early stages and liquidity has not yet been formed. Therefore, its market advantage cannot be simply judged based on the selected public chain.

1. Arbitrum

Institution 1: Robinhood

Size of issued assets: Tokenized products of more than 200 U.S. stocks and ETFs have been launched in Europe, including tokenized issuances of Apple, Microsoft, Nvidia, Amazon, and private companies such as OpenAI and SpaceX.

Compliance and custody: The platform first launched products in the EU and the European Economic Area (EEA) in accordance with local regulatory standards to ensure legal and compliant transactions. The service is open to users in 30 EU/EEA countries and more than 400 million investors. In the future, Robinhood will build its own Layer 2 chain, which will be expanded to global users to further strengthen compliance and user identity management.

Launch time: Stock tokenization service will be officially launched in Europe on June 30 In the future, Layer 2 self-built chains based on Arbitrum will support 24/7 transactions, bridging, and self-custody.

On-chain deployment: All tokenized assets will be initially issued on the Arbitrum chain, and will subsequently switch to Robinhood’s self-built Layer 2 network; contracts and asset issuance are led by Robinhood, and the technology is derived from the Arbitrum Rollup technology stack.

Institution 2: Gemini

Issued asset size: The first batch of supported assets is the on-chain version of MSTR (MicroStrategy) stocks, which can be traded and self-custodied in the Arbitrum network. This product allows users to purchase MSTR equity tokens in any share and enjoy the same economic rights as the underlying assets. More tokenized versions of US stocks and ETFs will be launched in the coming weeks.

Compliance and custody: Geminis tokenized stock service is provided by its European subsidiary, which has been authorized by the Malta Financial Services Authority (MFSA) under the Investment Services Act and has compliance qualifications under the MiFID framework, including proprietary trading and executing orders on behalf of clients. This product is 定义ned as a digital derivative linked to US stocks in Europe and is not open to US users. At the same time, Gemini cooperates with Dinari, a stock transfer agent registered with the US SEC, which is responsible for the issuance of tokenized stocks and 1:1 physical custody.

Launch time: On June 30, the first U.S. stock token product MSTR (MicroStrategy) was launched for European users, and it was announced that it will expand to more stocks and ETFs in the coming weeks to provide a 7 × 24-hour on-chain stock trading experience.

On-chain deployment: MSTR has been issued on the Arbitrum network, allowing users to freely transfer and hold it on the chain, and will support more Layer 2 networks in the future.

2.Base

Institution: Coinbase

Bank asset size: Coinbase is actively advancing the progress of tokenized stocks. The platform is submitting an application to the U.S. Securities and 交流 Commission (SEC) and plans to provide on-chain tokens derived from U.S. stocks after approval.

Compliance and custody: It may be launched in a compliant manner through a no-action letter or exemption approval. It will also be connected with Coinbase Custody and Broker-Dealer custody systems to achieve a closed loop of asset chain circulation and physical off-chain custody.

Go-live time: The application was submitted to the SEC in June and is currently under review.

On-chain deployment: Based on the self-built Base network, the US stock token trading function is fully implemented, and integrated with ecological components such as Coinbase Wallet and dApp browser.

3.Solana

Institution 1: Kraken

Issue size: The first batch of 60 US stocks and ETFs (55 stocks and 5 ETFs) will be launched through xStocks, covering Apple, Tesla, Microsoft, Google, Netflix, Meta, etc.

Compliance and Custody: xStocks is backed by Backed Finance with a 1:1 correspondence to real securities, and provides on-chain custody transparency through the Chainlink Proof‑of‑Reserves mechanism, in compliance with European MiFID II regulatory requirements . Assets are redeemable for cash and are managed by Kraken.

Launch time: Already launched, open to non-US users for 24/5 trading. It will be integrated with Solana DeFi and support access to protocols such as Raydium and Jupiter.

On-chain deployment: Issued based on Solana SPL Token standard, compatible with mainstream wallets including Kraken’s own wallet, Phantom, Jupiter Mobile, etc. xStocks can freely transfer, interact and self-host on the chain.

Institution 2: Bybit

Issued asset size: Starting from June 30, 10 pairs of tokenized stocks will be launched in phases, each pair will be paired with USDT.

Compliance and custody: Assets are supported by Backed Finance custody, in compliance with European MiFID II regulatory requirements .

Launch time: COINX and NVDAX will be launched on June 30; CRCLX and APPLX will be added on July 1; HOODX, METAX, GOOGLX, AMZNX, TSLAX, and MCDX will be gradually launched from July 2 to July 7.

On-chain deployment: Mainly deployed on the Solana chain, supporting 24/5 on-chain transactions. Users can directly receive, hold and transfer tokenized stocks in the Solana wallet.

Institution 3: Solana DeFi Protocol — Kamino / Raydium / Jupiter

Mechanism introduction: xStocks was connected to DeFi protocols such as Kamino, Raydium and Jupiter on the first day of its launch, supporting liquidity, token swap, lending, etc. Users can add tokenized stocks to the liquidity pool to obtain handling fee income and loan interest transfer.

Specific functions of the protocol: Raydium provides AMM liquidity pool; Jupiter, as a DEX aggregator, supports transactions and limit orders, etc.; Kamino Swap focuses on lending and yield optimization.

Wallet support: xStocks has been added to Phantom Wallet, and Jupiter Mobile can also browse trading pairs.

Institution 4: AIX (Kazakhstan Exchange)

Mechanism introduction: On May 29, Jupiter signed a memorandum of cooperation with Solana Foundation, AIX and Intebix to jointly explore the launch of a dual listing mechanism of traditional IPO and on-chain token issuance. This mechanism allows companies to complete traditional IPOs on AIX and issue tokenized stocks on the Solana chain through the Intebix platform at the same time, realizing simultaneous on-chain transactions.

On-chain deployment: This mechanism is based on the Solana network, relying on its PoH and PoS consensus to achieve 24/7 on-chain clearing and instant transaction settlement. Tokenized stocks will be distributed and traded by Intebixs technical engine and through Jupiters DEX interface.

3. Key points worth considering behind stock tokenization 1. Currently, it is more about on-chain restructuring rather than incremental injection This article believes that the current stock tokenization is essentially more like a structural reorganization of existing liquidity on the chain, rather than an incremental injection of new funds or users. Most stock token projects are still limited to operating in a specific platform environment, and the trading model usually relies on centralized matching and can only be carried out on specific chains and licensed platforms. Overall, its circulation scope is limited and it does not yet have open liquidity across protocols and platforms.

If stock tokens can achieve on-chain openness and programmability under the premise of compliance in the future, and have features such as audit transparency and protocol compatibility, they are expected to become new leverage and liquidity tools on the chain. This will not only increase the diversity of on-chain asset allocation, but also introduce a new asset structure similar to equity into the DeFi system, thereby enhancing the capital efficiency and risk resistance of the overall ecosystem.

2. Public chains with regulatory and financial compatibility will benefit In the RWA segment of stock tokenization, the public chain with the greatest potential for benefit is not the chain that simply relies on performance or ecological prosperity, but the platform that can strike a balance between regulatory adaptation and financial composability. For example, Solana has become the first choice for institutional deployment with its high performance and low fees, but it is still relatively weak in authority control and regulatory compliance modules; although Base is backed by Coinbase and has a natural compliance channel advantage, the DeFi module ecosystem is still in the construction stage and does not yet have a complete financial infrastructure; Arbitrum also has certain technical advantages, but lacks direct coordination with the CEX platform, and is relatively decentralized in terms of token issuance and control.

In the future, the public chain platforms that can stand out in the stock tokenization should meet three characteristics at the same time: first, they should obtain the regulatory trust of major issuing platforms or traditional institutions and have the channel ability to comply with the chain; second, they should have mature on-chain financial modules to achieve efficient circulation and leverage integration of token assets; third, they should support modular management of asset permissions and transaction paths to ensure traceability of supervision and audit. The ultimate winner will be the public chain and platform that can simultaneously connect to the multi-dimensional coordination of supervision, traffic, and structured protocols.

3. Stock tokenization expands RWA, but liquidity still needs to be improved Stock tokenization has injected a new dimension of real assets into the RWA track, mapping the stock assets with the highest liquidity and risk appetite in the traditional market to the chain, which is expected to build the third type of RWA basic assets after stablecoins and government bonds. However, at the current stage, this track still faces the liquidity dilemma of being able to issue but not flexibly circulate. Tokenized stocks are mostly limited to licensed platforms, lacking composability and native protocol embedding, resulting in insufficient transaction depth on the chain and unable to form a positive cycle of linking fund use with income.

For investors, stock tokenization is still in its early stages, but it provides an opportunity to participate in the allocation of real equity assets on the chain, and should focus on two core factors: compliance and liquidity. First, give priority to platforms and projects that have clear regulatory qualifications and issue stock tokens in compliance to avoid asset lock-in or liquidity risks caused by fluctuations in regulatory policies. Secondly, it is recommended to focus on which projects are trying to connect stock tokens with the on-chain credit system, such as whether they can be embedded in stablecoin lending, re-pledge, peer-to-peer transactions and other scenarios. In addition, paying attention to whether mechanisms such as on-chain dividend distribution and original shareholder governance mapping can be realized will also help identify which tokenized stocks are assets that truly have long-term financial functions.

References: 1.Robinhood Launches Stock Tokens, Reveals Layer 2 Blockchain, and Expands Crypto Suite in EU and US with Perpetual Futures and Staking

https://newsroom.aboutrobinhood.com/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking

2.Weve Launched Tokenized Stocks, Starting With MicroStrategy (MSTR)

https://www.gemini.com/blog/weve-launched-tokenized-stocks-starting-with-microstrategy-mstr

3.From Wall Street to your wallet: Tokenized equities now available on Kraken

https://blog.kraken.com/product/xstocks/tokenized-equities-now-available

4.Tokenized stock trading live on Kraken, Bybit and Solanas DeFi ecosystem

https://xstocks.com/

5.Solana Foundation, Jupiter, AIX, and Intebix sign MoU for Dual IPO Listings

https://solanafloor.com/news/solana-foundation-jupiter-aix-and-intebix-sign-mo-u-for-dual-ipo-listings

This article is sourced from the internet: CoinW Research Institute: U.S. stock tokens are launched, Robinhood reshapes the crypto financial landscape

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