Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Robinhood and Coinbase are intensifying their competition by venturing into the tokenization of traditional stock markets, a move that could reshape global trading. Robinhood has already launched tokenized U.S. stock trading for European investors, while Coinbase is developing an expansive “everything exchange” on its Base blockchain, both aiming to offer 24/7 trading and broader asset access. This strategic convergence positions both financial technology companies at the forefront of integrating real-world assets onto blockchain platforms.
Robinhood’s Early Lead in Europe
Robinhood, known for its commission-free stock trading app, commenced its tokenized stock offering in the European Union in June 2025. This initiative allows investors to trade tokens representing shares of over 200 U.S. companies, operating 24 hours a day, five days a week, with a 0.1% foreign exchange fee per transaction. CEO Vlad Tenev unveiled a three-part plan to integrate tokenization seamlessly, making the underlying blockchain technology largely invisible to users.
The company’s roadmap includes expanding trading hours to a full 24/7 schedule, facilitated by its acquisition of global cryptocurrency exchange Bitstamp. A third phase involves activating a custom blockchain, the Robinhood Chain, to enable users to store and trade assets like stocks, bonds, and private equities off-platform. Despite these advancements, Robinhood’s institutional crypto partnerships are not as extensive as those of its competitor, Coinbase.
Coinbase’s “Everything App” Vision
Coinbase, a major U.S. cryptocurrency company, is pursuing a different strategy with its “everything exchange” concept built on its Base Layer Two blockchain. In July 2025, Max Branzburg, Vice President of Product at Coinbase, indicated plans to roll out features including tokenized real-world assets, stocks, derivatives, and prediction markets within the year. The company aims to transform Base into a “super app” for comprehensive financial management, drawing parallels to Asia’s WeChat.
Coinbase has established significant institutional crypto partnerships, including collaborations with Circle and Blackrock, lending it a reputation as a trusted crypto platform. However, the company currently lacks a mainstream stock trading application and the extensive retail investor base that Robinhood already commands. Its challenge lies in attracting the average investor to its ambitious, crypto-centric platform.
Market Positioning and Outlook
Both companies are vying for market share in a future where tokenized assets could offer benefits like faster settlement and more flexible trading hours. The original article suggests that while both have promising futures, Robinhood appears to have a clearer roadmap and stronger retail positioning for tokenized stocks. The author of the article expressed a preference for Robinhood, citing its existing user base and sound fundamentals for successfully tokenizing stocks.
