Robinhood CEO Vlad Tenev says tokenization is the best path to modernizing the US financial system, but American investors still can't buy tokenized stocks because the SEC hasn't approved them. The regulator has delayed its planned innovation exemption, and Tenev warns the US is falling behind other jurisdictions that have moved faster.
The Numbers Behind the Tokenized Stock Boom
Tokenized stocks are growing quickly, even without US participation. As of August 19, distributed value across tokenized stock platforms reached $2.4 billion, up 6.6% over the past 30 days. The number of holders jumped 101% to 1.4 million, and monthly transfer volume rose 197% to $24.3 billion.
That growth isn't happening on Robinhood. The company ranks sixth among platforms with $32.2 million across 191 assets. Ondo leads the pack with $882.9 million, followed by xStocks at $561.7 million and bStocks at $532.2 million.
Why US Investors Are Shut Out
The SEC has delayed its planned innovation exemption for tokenized securities, which would have opened the door for US investors. Tenev argued that without regulatory approval, American retail investors are locked out of a market that's expanding elsewhere. He warned that the US risks falling behind if policymakers don't act quickly.
Robinhood has been vocal about wanting to offer tokenized stocks, but the company can't do so without a clear regulatory path. The delay leaves the platform and its users waiting on the SEC's next move.
Who's Leading the Market
Ondo's $882.9 million in distributed value makes it the largest player in the space, with xStocks and bStocks not far behind. Robinhood's $32.2 million puts it in sixth place, a sign that even a major US brokerage is struggling to gain traction without domestic approval.
The gap between the leaders and Robinhood highlights the regulatory divide. Platforms operating in jurisdictions with clearer rules are pulling ahead, while US-based companies watch from the sidelines.
The SEC has not announced a new timeline for its innovation exemption. Until it does, Tenev's warning stands: the US is losing ground in a market that's already moving fast.
