Interview with Robinhood’s Crypto Lead: Tokenization is Paving the Way for a Global Market, with US Stocks On-Chain Just the Beginning

Compiled & Translated by: Odaily

Guest: Johann Kerbrat (Senior Vice President and General Manager of Crypto at Robinhood)

Podcast Source: The Rollup

Original Title: Is Robinhood About to Become the World's Financial Super App?

Release Date: May 6, 2026

Editor's Note

This podcast episode features an interview with Johann Kerbrat, Senior Vice President and General Manager of Crypto at Robinhood. He stated that perpetuals have already gained traction in Europe, and tokenization will be the next breakout area, encompassing US stocks, private equity, and commodities on-chain. Johann also directly addressed comparisons between Robinhood and Hyperliquid, arguing they represent two different business models - "licensed centralized" versus "fully decentralized" - and are not directly comparable. However, he noted that Hyperliquid's token, HYPE, is currently available for purchase on Robinhood.

Key Takeaways

The Explosion of Prediction Markets

• "This is a completely new way to invest. Previously, ordinary people had no way to hedge against the Fed's interest rate decisions, the future direction of AI, or which company might build the best model. Prediction markets and event contracts allow you to genuinely hedge your portfolio across these dimensions."
• "If you want to bet on AI, instead of picking a stock like Nvidia, AMD, or Microsoft, you can buy an event contract related to AI. This is a type of play that ordinary retail investors couldn't access before; it was only available to specific institutions."
• "In our view, exchanges are essentially a commodity. For any of our products, we connect to multiple exchanges. This is the logic for crypto and stocks, and the same applies to prediction markets."

Perpetual Contracts and Regulation

• "Perpetual contracts are a simpler product in many ways. You don't have to manage expiration dates or worry about specific funding mechanisms; settlement can be continuous."
• "We have already launched about 12 perpetual contracts in Europe, with up to 10x leverage. We have been in ongoing dialogue with the CFTC, and the Chairman has repeatedly stated this is one of their top priorities. Once the US regulatory framework is clear, we are ready to launch immediately."
• "Our stance has always been clear: rewards on stablecoins are not the same as FDIC-insured bank accounts or savings accounts. However, we also don't want to penalize users who only hold stablecoins for quick transfers between wallets and platforms."

Tokenization

• "Tokenization will be the next major explosion point. It's currently very difficult for ordinary users to buy international stocks, and equally hard for international users to buy US stocks. Crossing continents adds even more complexity, with more taxes and fewer secure yield-bearing avenues."
• "We see many people in various countries buying USDC or USDT solely for secure USD exposure. What's achievable with stablecoins can also be done with assets like commodities, stocks, and private equity in the future."
• "An average American wanting to invest in private equity is either locked out because they aren't an accredited investor or can't access quality allocations. Tokenization can level this playing field."
• "Tokenization is the next phase of technological evolution. Adapt or be eliminated; no one wants to go back to the old system."

Robinhood's Product Logic

• "We aim to gradually replace some legacy backend systems with crypto rails. In Europe, we have already listed 2000 tokenized US stocks and ETFs, offering customers everything tokenized assets can provide: 24/7 trading, fractional shares, and instant settlement."
• "Interacting with these DeFi protocols for the first time can be a barrier for many. Users constantly have to think about bridging chains and paying gas fees. But within the Robinhood Wallet, these complexities are handled in the background; the user doesn't need to manage them."

Regarding Hyperliquid

• "On one side, you have a licensed, regulated business; on the other, a fully decentralized one. These two things can't be directly compared. What we do is centralized. If something goes wrong, you can sue Robinhood, you can file a complaint with regulators. It's a different world."
• "We don't view each other as competitors in an adversarial sense. You can buy Hyperliquid's token, HYPE, on Robinhood right now."

Robinhood's Super App Vision

Host: Robinhood's crypto business has evolved from an experiment a few years ago into a full-fledged market. What has it been like building this business at Robinhood over the past two years?

Johann Kerbrat: It's been pretty cool. We started back in 2018, during the crypto winter. At the time, many questioned why we bothered listing BTC and ETH. Our idea was simple: we wanted users to have access to all the financial products they care about, and crypto is one of them. Since then, we've listed many assets, enabled staking in most states, introduced transfer functionality, launched the self-custody Robinhood Wallet, and expanded to Europe. Last year alone, crypto generated over $1 billion in revenue. With the market currently calmer, we are refining new features users will need when the next bull run arrives.

Host: You mention the market is calm, but prediction markets are seeing strong momentum. I have data showing prediction markets on Robinhood have surged 320%. Why is there so much excitement around prediction markets?

Johann Kerbrat: I think it's a completely new way to invest. Previously, ordinary individuals couldn't hedge against the Fed's rate decisions, the future of AI, or which company might create the best model. Prediction markets and event contracts allow you to hedge your portfolio across these dimensions. For example, if you want to bet on AI, you used to have to pick a stock like Nvidia, AMD, or Microsoft. Now, you can buy a straight event contract on AI. This is a type of exposure that retail investors never had access to before; it was only for specific institutions. It's also one of Robinhood's fastest-growing segments, showcasing the value of our super app: everything is done within one app, without transferring between platforms, from stocks to crypto to event contracts.

Robinhood's Product Logic

Host: A follow-up on prediction markets. Given this product's success and Robinhood's super app approach, will you vertically integrate prediction markets more deeply? Robinhood sees significant order flow, but I understand some contracts are ultimately settled on other exchanges. Will Robinhood internalize the market execution layer?

Johann Kerbrat: In our view, exchanges are essentially a commodity. Our products connect to multiple exchanges – this is true for crypto and stocks, connecting to multiple market makers. It's the same for prediction markets. In addition to Kalshi, we've connected to ForecastEx and announced a joint venture with CBOE to create an exchange specifically for the type of event contracts we care about. This is crucial for us to ensure an outlet for all the products we want to offer our customers.

Host: Speaking of integrating these underlying products, can Robinhood be seen as an aggregator of various crypto protocols and products? Competitor Coinbase has done this, using Morpho for bitcoin-backed loans, where users can deposit BTC and borrow stablecoins. We've heard you are or will be integrating with Lighter for perpetual contracts. How do you view building a crypto business using different product lines and directly leveraging underlying on-chain protocols? Will Robinhood's crypto business ultimately be a front-end aggregating all on-chain protocols, routing order flow to them?

Johann Kerbrat: This is exactly what we've been doing, which is why we introduced the self-custody Robinhood Wallet option. The goal is to allow users accustomed to the Robinhood UX to also go on-chain and use DeFi. You're right, interacting with these DeFi protocols for the first time is a barrier for many. Users constantly think about bridging chains and paying gas fees. But within the Robinhood Wallet, these complexities are abstracted away to the backend; the user doesn't need to handle them. But there's more we can do. For instance, we've invested in Lighter, although we haven't integrated it yet, but we plan to build on it in the future.

Another thing we want to do is replace parts of the legacy backend system with crypto. In Europe, we have already listed 2000 tokenized US stocks and ETFs, giving customers everything tokenized assets offer: 24/7 trading, fractional shares, instant settlement. This is important to us: gradually replace traditional systems with crypto rails and gradually bring these benefits to users. For example, in the European market, due to time zone differences, European users are asleep when the US market opens, but tokenized stocks can be traded anytime.

The Path to US Perpetual Contracts

Host: One of Robinhood's biggest businesses is options, doing around $4 billion annually. Many in crypto think perpetual contracts are a better product than options. Do you agree? If so many people are essentially trading zero-day options, why not let them use perpetuals? What's your view on perpetuals vs. short-dated options, and how would perpetuals enter Robinhood's product lineup?

Johann Kerbrat: We are already selling perpetuals in Europe, where there is clear regulation. We have about 12 contracts with up to 10x leverage. Perpetuals are indeed a simpler product in many ways: you don't have to constantly manage expiration dates or specific funding mechanisms; settlement is continuous. This is a big differentiator, which is why they perform so well in many places. Another reason is the breadth of products perpetuals can create. For example, some decentralized exchanges in Singapore do a great job with commodity perpetuals. The logic is simple: the world doesn't stop on weekends. When events happen in the Middle East, people want to hedge and invest.

We believe perpetuals are a great product, and we've been in dialogue with the CFTC to bring them back to the US. But clear regulation is needed. The Chairman has repeatedly said this is one of their top priorities, so we are hopeful. Once the regulatory picture is clear, we can launch immediately.

Clarity on Stablecoin Yields

Host: On regulation, your CEO Vlad has been very vocal on Twitter about "unlocking stablecoin yields," referring to the Clarity Act. There was a significant development recently with a clearer regulatory distinction between "rewards" and "interest," effectively assigning interest to banks. This implies idle stablecoins can't just accrue interest automatically. My understanding is users would need to click a button to deposit them into some yield opportunity. How will Robinhood's product present this? As a stablecoin holder, would I have to actively choose to earn through Robinhood Gold or similar options, rather than it being default?

Johann Kerbrat: The final text depends on the legislative outcome. We're cautious before the bill passes, but it sounds like a reasonable compromise can be found. Our stance has always been clear: stablecoin rewards are not the same as FDIC-insured bank accounts or savings accounts. We've never tried to blur that line. However, as you mentioned Vlad's point, we don't want to punish users who only hold stablecoins for quick transfers between wallets and platforms. So we hope they can earn rewards while holding them. Based on these developments, there seems to be room to pass some rewards on to users.

If the entire Clarity Act passes, it would be a huge positive for users. It would allow us to develop products for the entire US market, rather than the current fragmented state where different states have different rules and products. Passing the Clarity Act would let us unify our product offerings nationwide.

Bold Prediction: Asset Tokenization Will Open Global Markets

Host: I have a broad question. With the Clarity Act, stablecoins, prediction markets, perpetuals, and DeFi, everyone is looking for the next breakout trend. What is your boldest prediction? What do you think will explode on Robinhood or in the ecosystem over the next year?

Johann Kerbrat: Tokenization will be the next major explosion point. It's currently very hard for ordinary users to buy international stocks, and vice versa. It's relatively easier within the northern hemisphere, but crossing continents adds significant complexity, with more taxes and fewer avenues for secure yields. Stablecoins are the example. So many people in so many countries buy USDC or USDT just for safe USD exposure. We believe this isn't limited to currencies. Commodities, stocks, private equity – these assets are destined for tokenization. Users won't just hold them in a portfolio; they'll be able to borrow against them, use them as collateral, even for mortgages.

These things are possible in the US today if you have a large portfolio. But an average person wanting to invest in private equity is either locked out because they aren't an accredited investor or can't access quality allocations. Tokenization can level this playing field, making it accessible to everyone.

Host: A key concern for me is that, for example, the Korean stock market is booming, but it can't be traded on-chain. Also, while we can finally buy some pre-IPO shares of US AI companies, there's a huge volume of pre-IPO allocations from Chinese AI companies that remain inaccessible. How quickly can Robinhood advance this? With the rising interest in tokenization, how fast can you list tokenized assets and expand into different jurisdictions? What's the friction involved in actually front-ending a new tokenized asset?

Johann Kerbrat: It depends on the asset and the regulation. But overall, we have a technology stack we've been building for the past 10 years. I personally believe our engineering team is among the best in Silicon Valley. So, as long as the regulatory environment gives us the green light, we can move very fast. For instance, I believe Robinhood is one of the brokerages most embedded with AI systems. If you open the detail page for a coin or stock, you'll see a market summary. This was one of the most requested features – users get notified of price movements and want to know why. We also have the Cortex assistant for discussing strategies and finding areas for improvement. This demonstrates that once Robinhood decides to do something, we can execute quickly.

Host: Speaking of tokenization, DTCC suddenly announced a tokenization service with over 50 initial companies, including Robinhood, planning a launch in October 2026. What does this DTCC tokenization service mean for Robinhood?

Johann Kerbrat: Collaboration with institutions like this has always been important to us. We've been vocal for a long time that T+1 settlement is too slow; we need much faster, 24/7 trading. So any initiative pushing in this direction we are willing to support. But fundamentally, tokenization is the next phase of technological evolution. Adapt or be left behind; no one wants to go back to the old system. These companies need to recognize this and start building products based on this technology.

Robinhood vs. Hyperliquid

Host: There's a lot of chatter on Twitter comparing Robinhood and Hyperliquid – revenue, valuation, users, scale, etc. How do you view the rise of a purely on-chain perpetual stack like Hyperliquid's? They aim to be a center for on-chain price discovery, bringing a lot of off-chain price data on-chain. What does this mean? Is Hyperliquid a future competitor for Robinhood Crypto, or do you not pay much attention to them?

Johann Kerbrat: In our view, they are two different businesses. One is licensed and regulated; the other is fully decentralized. They can't be directly compared. What I like is