Written by: Fairy, ChainCatcher
Edited by: TB, ChainCatcher
The era of cryptocurrency and stock trading is fully ignited.
Last night, Robinhood, Kraken, and Bybit successively announced their plans for stock tokenization in the US, officially breaking the dimensional wall between cryptocurrency and stock trading.
Among them, Robinhood has thrown out a strategic combination punch, directly transitioning from an internet broker to a 'crypto-driven all-in-one investment platform.' At the press conference in Cannes, France, it boldly announced the new crypto strategic matrix: US stock tokenization trading, Layer 2 public chain, credit card cashback for crypto purchases, etc.
As soon as the news broke, Robinhood's stock price rose by 12.77%, reaching a new historical high.
Robinhood VS xStocks
In the new wave of US stock tokenization, two forces are quietly colliding: on one hand, internet brokers like Robinhood are entering the crypto space, while on the other, crypto-native exchanges like Kraken are reversing their layout into the US stock market. They are simultaneously entering the 'crypto-stock integration' track from two directions, competing for market dominance.
In terms of technology and market strategy, these two forces also show distinct differences. Robinhood chose Arbitrum as the token issuance chain and was the first to support the EU market. In contrast, Kraken's xStocks is based on the Solana chain, targeting non-US retail customers, and has not yet covered multiple mainstream markets, including the EU.
Here is a comparison of the two schemes:
This battle of cryptocurrency and stock trading is essentially a collision and integration of two ecosystems. Internet brokers attract traditional investors into the crypto space with convenience and regulatory advantages, while crypto exchanges integrate resources from traditional financial markets to promote a more open financial development. However, with high-growth companies like OpenAI and SpaceX emerging with high-quality and substantive tokenized assets, the market space for original altcoins and meme coins may be compressed.
Robinhood's new matrix for its crypto strategy
At the press conference, in addition to announcing the 'US stock tokenization trading' as the main highlight, Robinhood also fully outlined its new blueprint for crypto strategy, developing differentiated growth paths targeting the EU and US markets, attempting to build a complete ecosystem from the trading end to infrastructure.
The EU is currently the core battlefield. Robinhood has expanded its services to cover 30 EU and European Economic Area countries, reaching over 400 million people. In addition to tokenized trading, Robinhood has also launched crypto perpetual contract products and directly announced that the European app is transforming into a 'crypto-driven all-in-one investment platform.'
In the US market, Robinhood is focused on improving the supporting service system for crypto trading: opening ETH, SOL staking services; Robinhood Gold credit cards will support cashback for automatic crypto purchases; the AI investment assistant 'Cortex' will also be launched to provide members with token-level intelligent analysis and real-time market interpretations. In addition, US users can now view and sell specific crypto assets by tax batches, achieving more flexible tax optimization strategies.
The most strategically significant step is that Robinhood is developing its own Layer 2 blockchain. This public chain is built on the Arbitrum tech stack and will eventually support the issuance, trading, and cross-chain bridging of all tokenized assets, becoming the 'landing point' and 'engine' of Robinhood's crypto ecosystem. If this model proves successful, the digital reconstruction of the entire trillion-dollar TradFi market, including bonds, futures, insurance, and real estate, will accelerate.
Here are the seven new optimizations announced by Robinhood:
Source of the image: @Phyrex_Ni
Why is Robinhood determined to go 'All in Crypto'?
Before announcing its new crypto strategy, Robinhood had already begun paving the way for its on-chain layout. In May and June 2025, the company acquired the Canadian compliant crypto platform WonderFi for $180 million and the established exchange Bitstamp for $200 million. Robinhood's 'all in' approach to crypto is not a spur-of-the-moment decision, but rather a profound insight into profit structures, market trends, and regulatory changes.
From a financial data perspective, crypto has become Robinhood's main source of revenue. In the first quarter of 2025, its total trading revenue was $583 million, with crypto trading contributing $252 million, surpassing options trading at $240 million, accounting for as much as 43%.
In terms of profit margins, the crypto business also significantly leads. According to cutting-edge technology investor Zheng Di's analysis, crypto is already its highest-margin business. The market-making rebate rate for crypto order flow is 45 times that of stocks and 4.5 times that of options. Robinhood can earn about 0.35% rebate per order, with actual implied costs at 0.55%. Importantly, this income is not limited to rebates but also includes routing premiums and slippage gains.
Moreover, crypto has brought Robinhood entirely new product possibilities, transforming it from a platform for matching trades to a provider of blockchain financial infrastructure.
For Robinhood, crypto is not just an accelerator for profits but also a pathway to the next round of financial dominance. What it bets on is not just a change in asset forms but the reconstruction of the entire financial infrastructure.
US stock tokenization may just be a stepping stone; the bigger picture is a new financial order that is open, efficient, and built on blockchain.
