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

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Organized & Compiled by: Deep Tide TechFlow

Guest: Johann Kerbrat (Senior Vice President and General Manager of Robinhood’s Crypto Business)

Podcast Source: The Rollup

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

Broadcast Date: May 6, 2026

Editor’s Note

This episode features an exclusive interview with Johann Kerbrat, Senior Vice President and General Manager of Robinhood’s Crypto Business. He states that perpetual contracts have been successfully launched 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 comparisons between Robinhood and Hyperliquid, believing they are “licensed centralized” versus “fully decentralized” businesses, which are not directly comparable, but Hyperliquid’s token HYPE can now be purchased on Robinhood.

Highlights

Predicting Market Explosions

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

“Instead of betting on a stock like Nvidia, AMD, or Microsoft, you can directly buy an event contract about AI. This is a gameplay that ordinary investors previously had no access to, originally only open to certain institutions.”

“In our view, exchanges are basically commodities. Any of our products are integrated with multiple exchanges—cryptos, stocks follow this logic, prediction markets are the same.”

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, and can settle continuously.”

“We’ve launched about 12 perpetual contracts in Europe, with up to 10x leverage. We’ve been in dialogue with the CFTC; the chairman has repeatedly said this is one of their main concerns. Once the US regulatory framework is clear, we can list them at any time.”

“Our stance has always been clear: stablecoin rewards and FDIC-insured bank accounts or savings accounts are not the same. 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 more so across continents—taxes are high, and secure income channels are limited.”

“We see many people in 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 good share channels. Tokenization can level the playing field.”

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

Robinhood’s Product Logic

“We aim to gradually replace some backend legacy systems with crypto-based solutions. In Europe, we’ve already listed 2,000 tokenized US stocks and ETFs, providing customers with 24/7 trading, fractional shares, real-time settlement—everything tokenized assets can offer.”

“For many, interacting with DeFi protocols for the first time is a barrier. They think about cross-chain, gas fees, etc. But in Robinhood Wallet, these complex steps are handled in the background, users don’t need to manage them themselves.”

About Hyperliquid

“On one side, there are licensed, regulated businesses; on the other, fully decentralized ones. These are fundamentally different and can’t be directly compared. Our business is centralized—if something goes wrong, you can sue Robinhood or file complaints with regulators. That’s a different world.”

“We don’t see each other as ‘mutually hostile’ competitors. You can now buy Hyperliquid’s token HYPE on Robinhood.”

Robinhood’s Super App Vision

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

Johann Kerbrat: It’s been pretty cool. We started in 2018, during the crypto winter. Many asked 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, added transfer features, launched Robinhood Wallet for self-custody, 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 calmer, but prediction markets are booming. I have data showing prediction markets on Robinhood have surged 320%. Why is prediction trading so hot?

Johann Kerbrat: I think it’s a completely new investment approach. Ordinary people previously couldn’t hedge against Fed 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 angles. For example, instead of betting on Nvidia, AMD, or Microsoft stocks, you can buy an event contract about AI. This was previously only accessible to institutions. It’s one of Robinhood’s fastest-growing segments, 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, will you deepen vertical integration of prediction markets? Currently, Robinhood has a lot of order flow, but I understand some contracts still settle on other exchanges. Will Robinhood internalize the market execution process?

Johann Kerbrat: We see exchanges as commodities. Any of our products are connected to multiple exchanges—cryptos, stocks follow this logic, and we connect to multiple market makers. Prediction markets are the same; besides Kalshi, we’ve partnered with ForecastEx and announced a joint venture with CBOE to create an exchange focused on our preferred event contracts. This is very important for us, ensuring all our products have a clear exit.

Host: Regarding integrating these underlying products, could Robinhood be seen as an aggregator of various crypto protocols and products? Competitors like Coinbase already do this—they use Morpho for Bitcoin-backed loans (a chain-based lending product in partnership with Morpho), allowing users to deposit BTC and borrow stablecoins. I hear you’re also integrating Lighter for perpetual contracts (a decentralized perpetual trading platform). What do you think about building a crypto business with different product lines and directly leveraging on-chain protocols? Will Robinhood’s crypto ultimately be a front-end aggregating all on-chain protocols, routing order flow into these protocols?

Johann Kerbrat: That’s exactly what we’re doing. That’s why we launched Robinhood Wallet, a self-custody option. The goal is to enable Robinhood users familiar with our UX to go on-chain and participate in DeFi. You’re right—interacting with DeFi protocols for the first time is a barrier. They think about cross-chain, 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 will build future products based on it.

We also want to replace some backend legacy systems with crypto solutions. In Europe, we’ve listed 2,000 tokenized US stocks and ETFs, providing all the benefits of tokenized assets—24/7 trading, fractional shares, instant settlement. This is crucial: gradually replacing traditional systems with crypto tech, bringing these advantages to users. For example, in Europe, due to time zone differences, US stocks open when Europeans are asleep, but tokenized stocks can be traded anytime.

US Perpetual Contract Path

Host: Robinhood’s biggest business is options, with about $4 billion traded annually, including market making and counterparty roles. Many in crypto believe perpetual contracts are better than options. Do you agree? If so, why aren’t more people using perpetuals instead of short-term options? How do perpetual contracts fit into Robinhood’s product ecosystem?

Johann Kerbrat: We’re already selling perpetual contracts in Europe, where regulation is clear. We’ve listed about 12 contracts with up to 10x leverage. Perpetuals are simpler in many ways: no need to manage expiration, no worries about specific funding mechanisms, and they can be settled continuously. That’s a big differentiator, which is why they perform so well. Another reason is the variety of products they can create—like commodities perpetuals on decentralized exchanges in Singapore, which work well because the world doesn’t stop on weekends, and during crises in the Middle East, people want hedging and investment options.

We see perpetual contracts as a very good product. We’ve been in discussions with the CFTC about bringing them back to the US. Clear regulation is needed; the chairman has repeatedly said it’s a top concern. We’re hopeful—once regulation is clarified, we can list them 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 interest. Last weekend, there was a significant update: regulators distinguished between “rewards” and “interest,” effectively assigning interest to banks, meaning idle stablecoins can’t generate direct yields. I understand users will need to actively opt-in, perhaps by clicking a button to deposit into a yield opportunity. How will Robinhood present this on the product side? For example, as a holder of stablecoins, would it be “earn yield with Robinhood Gold” or “earn interest on Robinhood stablecoins,” requiring active choice rather than default?

Johann Kerbrat: The final implementation depends on the outcome. Before legislation passes, we’ll be cautious, but it seems a good compromise can be found. Our stance remains clear: stablecoin rewards and FDIC-insured bank or savings accounts are not the same. We’ve 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. Based on current developments, there’s room to pass some rewards through to users.

If the entire Clarity Act passes, it will be a big win for users, allowing us to develop products nationwide rather than being limited by state-by-state rules. Once the law is enacted, we can unify all products 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, perpetual contracts, DeFi—everyone is watching for the next big explosion. What’s your most daring prediction? What do you think will see a breakout on Robinhood or in the broader ecosystem in the next year?

Johann Kerbrat: Tokenization will be the next major explosion. Ordinary users still find it hard to buy international stocks, and even harder across continents—taxes are high, and secure income channels are limited. Stablecoins are a prime example: many people buy USDC, USDT for a safe dollar exposure. We believe this isn’t just about currency; commodities, stocks, private equity—these assets are destined to be tokenized. Users will not only hold them in portfolios but also borrow, lend, collateralize, and even use them for mortgage-backed loans.

In the US, if your portfolio is large enough, you can do this now. But ordinary investors wanting private equity face barriers—either they’re not qualified or can’t access good shares. Tokenization can level the playing field, allowing everyone to participate.

Host: I’m particularly interested in how this will unfold. For example, the Korean stock market is booming, but on-chain trading isn’t available. Also, US AI pre-IPO stocks are finally accessible, but many Chinese AI pre-IPO shares are still unavailable. How quickly can you advance these issues? As tokenization heats up, how fast can Robinhood list tokenized assets and expand into different jurisdictions? What are the real friction points for launching a new tokenized asset?

Johann Kerbrat: It depends on assets and regulation. But overall, we have a solid tech stack—our engineering team is among the best in Silicon Valley. As soon as regulators give the green light, we can move quickly. For example, Robinhood is one of the most AI-integrated brokerages. When you open a token or stock detail page, you see a market summary—one of the most requested features. Users get notified of price changes and want to understand why. We also built Cortex Assistant, which can discuss strategies and suggest improvements. These show that once Robinhood decides to do something, we can push fast.

Host: Speaking of tokenization, DTCC (the US securities depository and clearing house) just announced a tokenization service, with over 50 companies involved, including Robinhood, planning to launch by October 2026. What does this DTCC tokenization service mean for Robinhood?

Johann Kerbrat: Partnering with such institutions has always been important. We’ve long called for faster settlement—T+1 is too slow. We need 24/7 trading. We support initiatives that push us forward. But ultimately, tokenization is the next step in tech evolution—either adapt or be left behind. No one wants to go back to the old system. These companies need to realize it’s time to build products based on this new tech.

Robinhood and Hyperliquid

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

Johann Kerbrat: We see them as two different businesses. One is licensed and regulated; the other is fully decentralized. They’re not directly comparable. I like that many people are getting exposure to perpetuals through them—that’s something we care about. We’re also working in this space, but differently—we’re centralized. If something goes wrong, you can sue Robinhood or complain to regulators. That’s a different world. But, to be clear, you can now buy HYPE on Robinhood. We don’t see each other as “mutually hostile” competitors; we think they’re a great team, and we wish them luck.

Host: So, are you optimistic or not?

Johann Kerbrat: Not necessarily optimistic or pessimistic, but you can buy.