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Robinhood CEO Vlad Tenev says tokenization is a “freight prepare” set to take over the monetary system, predicting crypto and banks will converge on-chain, with shares, deposits, and different monetary merchandise represented as digital tokens.
“Ultimately, it’s going to eat all the monetary system,” he stated, highlighting how blockchain might deal with the whole lot from trades to funds, making conventional and crypto techniques indistinguishable.
Crypto and conventional finance have been residing in separate worlds till now, Tenev stated on the Token2049 convention in Singapore. However that’s set to alter as they start to “totally merge” and the whole lot goes on-chain “in some kind,”
“I believe that crypto expertise has so many benefits over the standard manner we’re doing issues that sooner or later there’s going to be no distinction,” Tenev stated, estimating it might take a decade or extra for nearly all the world to take part in tokenization.
US Might Take Longer To Embrace Tokenization
The US could take longer to totally embrace tokenization as a result of its present monetary infrastructure already capabilities successfully, he stated. Due to that, the associated fee to extend the present system’s effectivity incrementally may not be value it proper now.
“So the incremental effort to maneuver to totally tokenized will simply take longer,” he stated.
Whereas Tenev predicts that it’ll take longer for the US to go totally on-chain, large American banks have already began exploring blockchain expertise and tokenization.
A kind of banks is Wall Avenue big JPMorgan Chase, which has launched its personal permissioned USD deposit token known as JPMD on the Ethereum layer-2 Base community for institutional purchasers.
The financial institution has additionally accomplished its first tokenized US Treasury commerce on a public blockchain by means of a collaboration with Chainlink and Ondo Finance.
Goldman Sachs has additionally partnered with BNY Mellon to deliver tokenized cash market fund devices to their purchasers.
In the meantime, Citigroup is reportedly exploring issuing its personal stablecoin and increasing into tokenized deposits in addition to digital asset custody companies. Financial institution of America has additionally expressed curiosity in tokenizing real-world belongings.
Tokenization Will Be To Shares What Stablecoins Have Been To The Greenback
Tenev went on to spotlight how USD-pegged stablecoins have made it simple for offshore buyers to realize publicity to the buck, and subsequently predicted that tokenized shares will allow offshore buyers to purchase into US equities.
He added that tokenized shares can be “the way forward for how international buyers will maintain US belongings.”
Robinhood has already launched a tokenized inventory providing in Europe, which provides European buyers the power to put money into widespread US corporations reminiscent of SpaceX and OpenAI.
Shortly after the providing was launched, OpenAI known as the transfer to tokenize its personal shares “unauthorized” and legal professionals stated that the transfer walked a authorized tightrope.
These “OpenAI tokens” should not OpenAI fairness. We didn’t companion with Robinhood, weren’t concerned on this, and don’t endorse it. Any switch of OpenAI fairness requires our approval—we didn’t approve any switch.
Please watch out.
— OpenAI Newsroom (@OpenAINewsroom) July 2, 2025
Nevertheless, Tenev dismissed the controversy as a part of a regulatory lag, and stated that the principle hurdles to tokenized shares aren’t technical however authorized.
USDC Issuer Expands Its Tokenized Treasury Fund To Solana As RWA Market Soars
USD Coin (USDC) issuer Circle is making an attempt to place itself early because the tokenization market begins to swell.
JUST IN: USYC is stay on Solana 🪙
USYC brings shares of a US authorities cash market fund that accrues yield through worth per share and redeems to/from USDC in actual time pic.twitter.com/qAijGO6AdL
— Solana (@solana) October 1, 2025
The agency just lately introduced that it has expanded its US Treasury fund providing to the lightning-fast layer-1 blockchain Solana. This expands the USYC token’s attain past Ethereum, Close to, Base, Canton, and the deliberate addition of the BNB Chain.
USYC is a tokenized model of a short-duration US authorities cash market fund, and is redeemable in actual time for Circle’s USDC stablecoin. The providing is simply obtainable to non-US buyers who cross know-your-customer (KYC) checks.
The announcement that USYC has been expanded to the Solana community comes after the broader tokenized treasury market has seen robust progress just lately. In response to knowledge from RWA.xyz, the market has soared from $2.4 billion a 12 months in the past to just about $8 billion now.
That’s after the market grew by greater than 9% over simply the previous week.
Tokenized treasury market overview (Supply: RWA.xyz)
Of that almost $8 billion market cap, Circle’s USYC is the fifth-largest tokenized treasury fund out there.
Tokenized real-world asset cash have additionally seen their market cap rise by greater than 5% prior to now 24 hours, in line with knowledge from CoinGecko.
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