Exclusive interview with Robinhood's crypto head: Tokenization connecting global markets is on the way, and bringing US stocks onto the blockchain is just the first step

Original Video Title: Tokenized Stocks, Perpetuals, and Prediction Markets—The Robinhood Crypto Play

Original Video Source: The Rollup
Original Compilation: Deep潮 TechFlow

Editor’s Introduction

This episode features an exclusive interview with Johann Kerbrat, Senior Vice President and General Manager of Robinhood’s crypto division. He states that perpetual contracts (perpetuals) are already operational in Europe, and tokenization will be the next explosive growth point, including bringing U.S. stocks, private equity, and commodities onto the blockchain.

Johann also directly responded to the comparison between Robinhood and Hyperliquid. He believes these are two different business models: “licensed centralized” versus “fully decentralized,” with no direct comparison. However, Hyperliquid’s token HYPE can now be purchased on Robinhood.

Highlights and Quotes

The Explosion of Prediction Markets

· “This is a completely new way to invest. Ordinary people previously couldn’t hedge against the Federal Reserve’s interest rate decisions, the future of AI, or which company will develop the best model. Prediction markets and event contracts allow you to hedge your portfolio from these dimensions.”

· “If you want to bet on AI, instead of choosing a stock like Nvidia, AMD, or Microsoft, you can directly buy an event contract related to AI. This is a gameplay that ordinary investors previously couldn’t access, originally only open to certain institutions.”

· “In our view, trading platforms are basically commodities. Any of our products are integrated into multiple trading platforms—cryptos, stocks, prediction markets follow this logic.”

Perpetual Contracts and Regulation

· “Perpetual contracts are a simpler product in many ways. You don’t need to manage expiration dates, nor worry about specific funding mechanisms; they can be settled continuously.”

· “We already offer about 12 perpetual contracts in Europe, with leverage up to 10x. We have been in dialogue with the CFTC, and the chairman has repeatedly said this is one of their top concerns. Once the US regulatory framework becomes clear, we can launch at any time.”

· “Our stance has always been clear: stablecoin rewards are not the same as FDIC-insured bank accounts or savings accounts. But we also don’t want to punish users who hold stablecoins just for quick transfers between wallets and platforms.”

Tokenization

· “Tokenization will be the next big explosion. It’s difficult for ordinary users to buy international stocks now, and even harder for international users to buy US stocks. Cross-continental transactions are even more complex, with high taxes and limited safe income channels.”

· “We see many people from different countries buying USDC, USDT just for a safe dollar exposure. What stablecoins can do now, in the future, can also be done with commodities, stocks, private equity assets.”

· “Ordinary Americans wanting to invest in private equity either can’t access it because they’re not qualified investors or can’t get access to quality shares. Tokenization can level the playing field.”

· “Tokenization is the next stage of technological evolution—either adapt or be eliminated. No one wants to go back to the old system.”

Robinhood’s Product Logic

· “We aim to gradually replace some of our legacy backend systems with crypto-based solutions. In Europe, we’ve already listed 2,000 tokenized US stocks and ETFs, providing clients with 24/7 trading, fractional shares, and instant settlement—all the benefits of tokenized assets.”

· “Interacting with DeFi protocols for the first time can be a barrier for many. Users have to think about cross-chain transfers, gas fees, etc. But in the Robinhood Wallet, these complex steps are handled in the background, so users don’t have to manage them.”

About Hyperliquid

· “One side is licensed and regulated, the other is fully decentralized—these are two different worlds and can’t be directly compared. Our work is centralized; if something goes wrong, you can sue Robinhood or file complaints with regulators. That’s a different universe.”

· “We don’t see each other as ‘old enemies.’ You can now buy Hyperliquid’s token HYPE on Robinhood.”

Robinhood’s Super App Vision

Host: Robinhood’s crypto division has grown from an experiment a few years ago to a full-fledged market. Over the past two years, what has it been like building this business within Robinhood?

Johann Kerbrat: It’s been pretty cool. We started in 2018, during the crypto winter. Many asked us why we bothered launching BTC and ETH. Our idea was simple: we want users to access all the financial products they care about, and crypto is one of them.

Since then, we’ve added many assets, opened staking in most states, implemented transfer features, launched a self-custody wallet—Robinhood Wallet—and went live in Europe. Last year alone, crypto generated over $1 billion in revenue. Now that the market is calmer, we’re refining new features for the next bull run.

Host: You say the market is calm, but prediction markets are booming. I have data showing a 320% increase on Robinhood. Why is the prediction market so hot?

Johann Kerbrat: I think it’s a new investment approach. Ordinary people previously couldn’t hedge against the Fed’s rate decisions, AI’s future, or which company will produce the best model. Prediction markets and event contracts let you hedge your portfolio from these dimensions.

For example, betting on AI—before, you could only pick stocks like Nvidia, AMD, or Microsoft. Now, you can buy an event contract about AI directly. This is a gameplay that was previously inaccessible to retail investors, originally only open to institutions. It’s also one of Robinhood’s fastest-growing businesses, demonstrating our super app’s value—everything in one app, no need to transfer funds across platforms, from stocks to crypto to event contracts.

Robinhood’s Product Logic

Host: One more question about prediction markets. Given its success and Robinhood’s super app approach, do you plan to deepen vertical integration of prediction markets? Currently, Robinhood has a lot of order flow, but I understand some contracts are settled on other platforms. Will Robinhood internalize the market execution process?

Johann Kerbrat: We see trading platforms as commodities. Any of our products are integrated with multiple market makers—crypto, stocks, prediction markets follow this logic. Besides Kalshi, we also work with ForecastEx and have announced a joint venture with CBOE to develop a dedicated event contract trading platform. This is very important for us, ensuring all our products have a clear exit.

Host: Regarding integrating these underlying products, could Robinhood become an aggregator of various crypto protocols and products? Coinbase has already done this—they use Morpho for Bitcoin-backed loans (a chain-based lending product in partnership with Morpho). Users can deposit BTC and borrow stablecoins. I hear you are also integrating Lighter for perpetual contracts (Lighter is a decentralized perpetual trading platform).

What do you think about building a crypto business by combining different product lines and directly leveraging on-chain protocols? Will Robinhood’s crypto ultimately be a front-end that aggregates all on-chain protocols and routes order flow into them?

Johann Kerbrat: That’s exactly what we’ve been working on, which is why we launched Robinhood Wallet, a self-custody option. The goal is to enable users familiar with Robinhood’s UX to go on-chain and participate in DeFi.

You’re right—interacting with DeFi protocols for the first time can be a barrier. Users have to think about cross-chain transfers, gas fees, etc. But in Robinhood Wallet, these complexities are handled in the background. We can do more—like Lighter, which we haven’t integrated yet but have invested in, and plan to build on in the future.

We also want to replace some legacy backend systems with crypto solutions. In Europe, we’ve listed 2,000 tokenized US stocks and ETFs, providing all the benefits—24/7 trading, fractional shares, instant settlement. This is crucial: gradually replacing traditional systems with crypto tech, bringing these advantages to users. For example, due to time zone differences, European users can’t trade US stocks during market hours, but tokenized stocks are available anytime.

US Perpetual Contract Path

Host: One of Robinhood’s biggest businesses is options, generating about $4 billion annually, providing counterparties and market-making liquidity. Many in crypto believe perpetuals are better than options. Do you agree? If so, why not let users trade perpetuals instead of short-term options? How do perpetuals fit into Robinhood’s product ecosystem?

Johann Kerbrat: We already sell perpetual contracts in Europe, where regulation is clear. Currently, about 12 contracts are available, with leverage up to 10x. Perpetuals are simpler in many ways—they don’t require managing expiration dates or specific funding mechanisms; they can be settled continuously. This makes them very popular. Another reason is the variety of products they enable—like commodities on decentralized exchanges in Singapore, which work well because markets don’t close on weekends, and traders want hedging and investment options during crises.

We see perpetual contracts as a great product. We’re in ongoing discussions with the CFTC about bringing them to the US. Clear regulation is needed—its chairman has repeatedly emphasized this is a top concern. We remain optimistic; once the rules are clear, we can launch anytime.

Clarity on Stablecoin Yields

Host: Regarding regulation, your CEO Vlad has been vocal on Twitter about “releasing stablecoin yields,” referencing the Clarity Act’s provisions on stablecoin income. Last weekend, there was a significant update: regulators clarified the distinction between “rewards” and “interest,” effectively assigning interest to banks. Idle stablecoins can’t generate direct yields; users will need to opt-in to earn yields by depositing into certain opportunities. How will Robinhood present this on its platform?

For example, as a stablecoin holder, based on last week’s clarification, would it be “earning yield with Robinhood Gold” or “earning interest on Robinhood stablecoins”? Would this be an opt-in feature rather than default?

Johann Kerbrat: The final implementation depends on the legislation. Before it passes, we remain cautious, but it seems possible to find a good compromise. Our stance is clear: stablecoin rewards are not the same as FDIC-insured bank accounts or savings accounts. We never intended to blur that line. But, as you mentioned, we also don’t want to penalize users who hold stablecoins just for quick transfers. We hope they can still earn rewards while holding stablecoins. From current developments, there should be room to pass some rewards through to users.

If the entire Clarity Act passes, it would be a big win for users, allowing us to develop products nationwide rather than operate state-by-state with different rules. Once the law is enacted, we can unify all our offerings across the US.

Bold Prediction: Asset Tokenization Will Connect Global Markets

Host: I want to ask a broad question. The Clarity Act, stablecoins, prediction markets, perpetuals, DeFi—everyone is watching for the next big breakout. What’s your boldest prediction? What do you think will explode in Robinhood or the entire ecosystem in the next year?

Johann Kerbrat: Tokenization will be the next major explosion. Right now, ordinary users find it hard to buy international stocks, and international users struggle with US stocks. Crossing continents is complex, with high taxes and limited safe income channels. Stablecoins are a prime example—people buy USDC, USDT for a safe dollar exposure. We believe this won’t be limited to currency; commodities, stocks, private equity assets will all be tokenized. Users will not only hold these in portfolios but also borrow, collateralize, and even use them for mortgage-backed loans.

In the US, investors with large portfolios can already do this, but ordinary people wanting private equity access face hurdles—either they aren’t qualified or can’t get good shares. Tokenization can democratize access.

Host: I’m particularly interested in how fast this can happen. For example, Korea’s stock market is booming, but on-chain trading isn’t available. US pre-IPO stocks of AI companies are now accessible, but many Chinese AI pre-IPO shares are still unavailable. How quickly can Robinhood expand tokenized assets and cross-jurisdictional offerings? What’s the friction for listing a new tokenized asset?

Johann Kerbrat: It depends on assets and regulation. But overall, we have a solid tech stack built over the past decade. I believe our engineering team is among the best in Silicon Valley. As soon as regulators give the green light, we can move fast. For example, Robinhood is one of the most AI-integrated brokerages—when you view a token or stock, you see a market summary. This is one of the most requested features: notifications on price changes and explanations. We also built Cortex Assistant, which discusses strategies and suggests improvements. These show that once Robinhood decides to do something, it can be very quick.

Host: Regarding tokenization, DTCC (the US securities depository and clearing corporation) announced plans for tokenization services, involving over 50 companies, including Robinhood, aiming to launch by October 2026. What does this DTCC tokenization service mean for Robinhood?

Johann Kerbrat: Collaborating with institutions like DTCC is very important. We’ve long advocated for faster settlement—T+1 is too slow. We want 24/7 trading. We support initiatives that push us forward. But ultimately, tokenization is the next phase of technological evolution—either adapt or be left behind. No one wants to go back to the old system. These companies need to recognize that and start building products based on this tech.

Robinhood and Hyperliquid

Host: Many on Twitter compare Robinhood and Hyperliquid—revenue, valuation, user base, scale. How do you see Hyperliquid’s rise as a purely on-chain perpetuals stack? They aim to create an on-chain price discovery hub, bringing off-chain prices on-chain. What does this mean? Is Hyperliquid a competitor to Robinhood Crypto’s future, or are you not concerned?

Johann Kerbrat: We see these as two different businesses. One is licensed and regulated; the other is fully decentralized—no direct comparison. I appreciate that many people are accessing perpetuals through them, and we care about that. We’re also working on similar things, but differently—centralized, so if something goes wrong, you can sue Robinhood or complain to regulators. That’s a different universe. But, to be fair, you can now buy HYPE on Robinhood. We don’t see each other as old enemies; they have a great team, and we wish them luck.

Host: So, are you optimistic or cautious?

Johann Kerbrat: Neither—just that you can buy it.

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