New Protocol: At the Accelerate conference in New York, Solana R&D firm Anza introduced Alpenglow, a new consensus protocol designed to make the network dramatically faster and more efficient.

• Why it matters: It’s the most significant upgrade to Solana’s core architecture to date, aiming to reduce time to finality by more than 100x.

Status quo: Today, transactions on Solana are confirmed in roughly 400 milliseconds through “optimistic confirmation.” But true finality — the point at which transactions become irreversible — takes longer. That delay currently averages around 12.8 seconds.

The promise: With Alpenglow, true finality could drop to as low as 100 milliseconds. “A median latency of 150 ms doesn’t just mean Solana is fast — it means Solana can compete with Web2 infrastructure in terms of responsiveness”, the Anza team wrote in their blog post.

• Important caveat: These numbers are based on simulations and exclude compute overhead, meaning actual latency on mainnet could end up being higher. Still, even if finality were twice as high, Solana would remain the fastest Layer 1 on the market, surpassing Sui’s 400-millisecond finality.

Cost savings: In addition to that, Alpenglow also eliminates onchain vote transactions, currently a major source of network traffic and validator cost. This shift lowers the barrier to entry for new validators and reduces operational overhead across the network.

Outlook: While no official rollout date has been announced, Anza’s Head of Research Roger Wattenhofer noted that Alpenglow could go live "as early as the end of this year or early next year".

Tokenized equity: Yesterday, Kraken announced it will launch tokenized versions of more than 50 U.S. stocks and ETFs — including Apple, Tesla and Nvidia — in partnership with Backed Finance. Branded xStocks, the tokens will settle on Solana and be offered to clients in Europe, Latin America, Africa and Asia; U.S. residents are excluded.

The details:

• 1:1 backing: Each xStock token is fully backed by a real share of the underlying security, held with regulated custodians.

• Redeemable: Tokens can be exchanged for the cash value of the underlying security at any time, keeping prices in line with traditional markets

• 24/7 trading: Like crypto, tokenized stocks can be traded around the clock — even when traditional equity markets are closed.

Open finance: Issued as SPL tokens, xStocks can leave Kraken, sit in self-custody wallets and flow into DeFi, where they may serve as collateral or trade on DEXs — turning traditional equities into composable onchain building blocks beyond the limits of traditional brokerage accounts.

• “You want to take your capital outside your border anywhere you want and do something with it. It doesn’t have to happen on our platform. It can happen on Coinbase, Binance or any DEX. It should be available to everyone.” said Kraken Co-CEO Arjun Sethi.

Backed by Backed: The infrastructure behind xStocks comes from Backed Finance, a Swiss-based tokenization firm with years of experience in real-world asset tokenization. Each token is transparently backed 1:1, with onchain attestations provided via Chainlink’s proof-of-reserve protocol.

All-in-one platform: xStocks are the latest addition to Kraken’s broader push beyond crypto. One month ago, the exchange began rolling out stock trading for over 11,000 U.S.-listed equities in select states. Kraken also announced the acquisition of NinjaTrader, a U.S.-based retail futures brokerage.

Next steps: Kraken says the first xStocks will go live within weeks, with a broader asset roster and additional jurisdictions to follow.

Stablecoin payouts: Worldpay has partnered with stablecoin infrastructure firm BVNK to enable merchants to make payouts in stablecoins. The partnership enables businesses to fund their accounts with USD, EUR, or GBP and distribute payments instantly, globally, and around the clock.

• Why it matters: With approximately $2.2 trillion in annual payments, Worldpay is one of the world’s largest payment processors, operating in over 100 markets globally and serving more than one million merchants.

What’s happening under the hood:

• API Integration: Worldpay is integrating BVNK’s APIs directly into its Global Payouts platform, adding stablecoin payouts as a new option alongside traditional methods like bank transfers and card payments.

• How it works: Merchants fund their Worldpay accounts in fiat (USD, EUR, GBP). BVNK’s infrastructure converts the funds into stablecoins and delivers them to recipients globally.

• Wallets abstracted: Merchants don’t need to hold or manage stablecoins directly. BVNK’s embedded wallet system handles the custody and distribution of stablecoins, ensuring a seamless experience for merchants and their recipients.

• Compliance built-in: BVNK combines its tech stack with regulatory compliance, ensuring KYC, AML, and transaction monitoring are integrated into the solution — critical for a regulated global payments provider like Worldpay.

Use cases: The demand for Worldpay’s stablecoin payouts spans a wide range of industries.

• “It’s broad-based”, said Nabil Manji, Worldpay’s SVP of Fintech Growth and Partnerships. “We’ve got marketplaces looking to pay sellers, enterprises needing to pay vendors in complex payment corridors, and media companies paying out customers who want to withdraw balances. It’s really about speed, access, and efficiency across industries”.

Three years of stablecoins: Worldpay’s engagement with stablecoins dates back to 2022 when it first utilized USDC for backend settlements with Visa. While earlier efforts primarily benefited crypto-native firms, the BVNK collaboration represents a significant evolution, directly embedding stablecoin advantages into everyday merchant workflows.

Next steps: The service is expected to launch in the second half of 2025.

Source: Artemis

Announcement: On Wednesday, Polygon Labs and leading global crypto market maker GSR announced the launch of Katana, a DeFi-focused layer-2 network, which is already set to go live next month.

• Why it matters: Katana is one of the first blockchains in the so-called Agglayer — Polygon’s own ecosystem of tightly connected layer-2s. With its unique architecture, Katana is designed to become the ecosystem’s liquidity hub. Or, in the words of Polygon Labs CEO Marc Boiron, “a chain with very deep liquidity that every other chain can tap into”.

Sequencer revenue share: A key pillar of Katana’s architecture is its G2 sequencer, developed by the Rollup-as-a-Service (RaaS) provider Conduit. Unlike most networks, Katana doesn’t direct sequencer fees to the core team. Instead, the revenues flow back into the network’s liquidity pools — designed to give users deeper liquidity and better pricing.

• Native app integrations: This liquidity is concentrated in a small set of integrated protocols: Morpho for lending, SushiSwap for spot trading, and Vertex for perpetuals trading. By concentrating liquidity into a few key protocols, Katana tries to avoid the fragmentation seen on many general-purpose chains. For users, this shall translate into fewer choices competing for capital and deeper pools to trade in.

App revenue share: The value flows both ways. A portion of the fees generated by Katana’s core apps is redirected back into the ecosystem — either to grow liquidity or to fund user incentives.

Native yield: Katana’s VaultBridge offers another layer of capital efficiency, as assets like ETH, USDC, and WBTC deposited into the bridge earn yield via Morpho vaults. This yield also flows back into Katana, further strengthening the ecosystem.

What’s next: Starting now, users can pre-deposit funds into the VaultBridge and earn rewards in the form of KAT tokens. After Katana’s mainnet launch on June 23rd, funds can be withdrawn, while rewards will become transferable after up to nine months.

Restructuring: This week, the Ethereum Foundation announced two major restructuring initiatives concerning the organization of its core R&D teams and its future treasury policy.

Strategic Goals: On Monday, the EF introduced “Protocol”, a reorganization of its R&D teams around three strategic goals: scaling the L1, scaling blobs (i.e., the L2s), and improving the UX.

New Leaders: Each of these goals will be pursued by a dedicated unit led by two Ethereum researchers. All teams will be advised by Dankrad Feist, one of the key architects of Ethereum’s rollup-centric scaling roadmap.

Treasury Policy Update: Alongside the organizational changes, the EF also introduced a revamped treasury strategy. First, the foundation plans to cap annual operating expenditure at 15% of its treasury while maintaining a 2.5-year reserve buffer. Over time, the EF plans to reduce this annual spend to just 5%, shifting towards a leaner, more sustainable operating model.

• Doubling down on DeFi: Following deployments in Aave and other lending protocols earlier this year, the EF has now formalized its strategy and plans to actively use DeFi to manage parts of its treasury. This includes staking ETH, supplying ETH on lending platforms, and borrowing stablecoins against its holdings.

Back to Cypherpunk: At the core of this new policy is the “Defipunk Framework” — a value-driven approach that defines which DeFi protocols the EF considers worthy of capital support. The EF intends to prioritize and concentrate deployments into protocols that adhere to a set of Ethereum-aligned principles like...

• Permissionlessness: Protocols should allow unrestricted interaction without KYC or whitelisting.

• Self-Custody: Users should maintain control over their assets by default.

• Open-Source: Contracts must be open-source under permissive licenses.

• Privacy: Emphasis on shielding transaction details and minimizing data collection.

Transparency Measures: To ensure credibility, the EF will publish quarterly internal performance updates and annual reports outlining its treasury allocations.

Opening Bell: Circle made its public market debut yesterday and markets roared in approval. Shares opened at $31 and soared as high as $97, before settling at $82.80 by the close, giving the stablecoin issuer a market capitalization of over $16 billion.

• Why it matters: This marks only the second major U.S. crypto IPO after Coinbase’s 2021 listing — and the second-strongest first-day performance of any IPO in the U.S. this year. It’s a powerful signal of investor confidence in crypto equities and could pave the way for more public listings in the sector.

Source: Bitwise

Not acquired — but desired: Until recently, Circle’s IPO wasn’t guaranteed. Both Ripple and Coinbase were rumored to have explored acquisition talks, though Ripple CEO Brad Garlinghouse publicly denied making a formal bid this week.

IPO by the numbers: Circle raised nearly $460 million in primary capital, selling 14.8 million shares at $31 each. Existing shareholders sold an additional 19.2 million shares into the offering.

• CEO numbers: Among them was CEO Jeremy Allaire, who sold 1.5 million shares, earning approximately $49 million, according to the prospectus.

Who’s buying: Combined with momentum around U.S. stablecoin regulation, Circle’s strong day-one demand was likely fueled by speculation that BlackRock — a key Circle partner — would purchase up to 10% of the offering. ARK Invest, too, committed $150 million.

Announcement spree: Yesterday, at its State of Crypto Summit 2025 in New York, Coinbase unveiled a wave of new products, partnerships, and integrations — all aimed at further driving business and consumer adoption of crypto and stablecoins.

Shopify integration: First, e-commerce giant Shopify is adding support for USDC payments on Coinbase’s Layer-2 Base, enabling merchants in 34 countries to accept stablecoins at checkout. Early access is available now, with a full rollout taking place over the course of the year.

• Powered by Stripe: “By default, Stripe will allow merchants to receive stablecoin payments in their preferred local currency, to be deposited in their bank account just like any other payment they receive,” Stripe said in its release.

Coinbase Business: To complement its offering, Coinbase introduced “Coinbase Business” — an all-in-one platform for companies looking to integrate crypto into their day-to-day operations. Starting now, businesses with early access can use stablecoins to pay vendors, contractors, and employees, earn yield on idle balances, and connect directly with accounting tools.

New cashback card: For consumers, Coinbase revealed the “Coinbase One Card,” a credit card powered by the American Express network. Its standout feature: up to 4% cashback, paid out in Bitcoin. The card is expected to launch this fall.

DEX integrations: The exchange is also deepening its DeFi footprint. The Coinbase app will soon support native integrations with multiple decentralized exchanges (DEXs) on Base, allowing users to swap assets onchain — without needing a self-custodial wallet. Following the launch of its Bitcoin leding product, this new feature marks another step toward bringing more onchain functionality directly into Coinbase’s retail interface.

Perpetuals trading: Finally, Coinbase announced plans to launch perpetual futures trading in the U.S. While details remain limited, the move follows recent remarks from outgoing CFTC Commissioner Summer Mersinger, who noted that such contracts “could come to market now.”

New acquisition: On Wednesday, payments giant Stripe announced it is acquiring Privy, a leading provider of crypto wallet infrastructure. While financial terms were not disclosed, the deal comes just months after Privy raised a fresh funding round in March 2025.

Why it matters: This marks Stripe’s second acquisition in the stablecoin space, following its $1.1 billion purchase of Bridge in October 2024. While Bridge helps businesses send stablecoins easily, Privy addresses the receiving side: holding and managing digital assets in a compliant, user-friendly way.

• “Money has to reside somewhere, and Privy builds the world’s best programmable vaults,” said Stripe co-founder John Collison. “Alongside our other stablecoin work, we’re looking forward to enabling a new generation of global, internet-native financial services.”

Embedded wallet technology: Founded in 2021, Privy enables developers to embed non-custodial crypto wallets directly into their applications. Instead of redirecting users to external wallet apps like MetaMask, Privy allows them to create and manage wallets using familiar Web2 sign-in methods like email or OAuth — with private keys stored securely in the background.

Stripe x Privy synergies: The acquisition gives Stripe a native wallet layer that could be deployed across its stablecoin, payments, and identity products. In the future:

• Merchants can seamlessly offer crypto wallets to their customers.

• Consumer fintech apps can embed stablecoin wallets directly via Stripe’s APIs, enabling programmable money flows.

• Gig platforms can hold and manage balances for freelancers — without taking on the regulatory burden of becoming a financial institution.

Privy’s traction: According to the company, Privy’s SDK is now used by over 1,000 developer teams and powers more than 75 million wallets. Its breakout moment came in August 2023 through its integration with FriendTech. Since then, Privy has become the go-to embedded wallet stack for crypto-native apps like Farcaster, Hyperliquid, and Blackbird.

Next step: The acquisition is expected to close in the coming weeks. Privy will continue to operate as an independent product.

Onchain expansion: On Sunday, centralized exchange Bybit — the world’s second-largest by trading volume — unveiled a new suite of onchain products built on Solana.

CEX goes DEX: At the heart of the rollout is Byreal, a decentralized exchange. According to the announcement, it’s designed as an extension of Bybit’s centralized platform, allowing onchain users to tap into the same deep liquidity and pricing usually only available on Bybit’s centralized exchange.

• Hybrid model: To achieve this, Byreal relies not only on traditional DEX liquidity pools, but also on Bybit’s existing network of professional market makers who will be able to fulfill orders on Byreal.

Why it matters: This allows Byreal to offer tighter spreads and better pricing than traditional DEXs that rely solely on liquidity pools. It also gives Bybit users faster access to the long tail of onchain-native assets — from memecoins to, eventually, tokenized stocks — including newly issued tokens that can be traded immediately, without waiting for centralized listings.

More onchain products: Alongside the DEX, Bybit also plans to launch Revive Vault, a product designed to provide enhanced yields for assets like Bybit’s liquid-staked SOL token, bbSOL. A third product, Reset Launch, is set to become Bybit’s native token launchpad, built to prevent token sniping and enable fairer token distribution for new projects.

• Road to a super app? Embedded into Bybit’s existing platform, this suite of products enables Bybit to offer its 70 million users access to asset issuance, trading, and yield generation all through one interface.

Next steps: According to Bybit CEO Ben Zhou, Byreal is already set to go live by the end of the month, though no explicit timelines have been provided for the other products.

DEX to CEX Spot Trade Volume (%) since 2019

Onchain payments, reimagined: This week, Coinbase shared more details about the Commerce Payments Protocol, a new onchain payment infrastructure designed to bring card-like flexibility to stablecoin transactions. Merchants can now accept USDC via Coinbase Wallet directly in Shopify checkout, with built-in support for refunds, delayed settlement, and more.

Why it matters: Until now, crypto payments have largely been limited to simple peer-to-peer token transfers which are fast but inflexible, with no built-in support for typical e-commerce flows. The Commerce Payments Protocol adds the flexibility of traditional card networks but runs on open, permissionless infrastructure.

Built with Shopify: The protocol was developed in close collaboration with the Shopify team over the last six months. It integrates directly into Shopify’s checkout, allowing merchants to accept USDC via Coinbase Wallet.

• “It all started when I got a message out of the blue from Tobi, the CEO of Shopify, saying, ‘Can I get your take on how to do off-capture — a really important commerce flow — onchain in an ideal way?’” said Jesse Pollak, who leads Coinbase’s Layer-2 network Base.

A new system: That message sparked the design of a new payment architecture. Instead of sending funds directly to the merchant, the Commerce Payments Protocol uses a smart contract escrow. Customers authorize a payment at checkout; the actual transfer is triggered later by a third-party operator. This setup shifts the burden of gas fees away from the buyer, just like in traditional commerce, and makes the onchain checkout experience feel seamless and familiar.

Simple illustration of the workflow by Base

Use cases: By removing frictions and adding flexibility, the protocol unlocks a range of payment flows that weren’t possible with standard token transfers:

• Refunds: Merchants can return funds partially or in full, without needing a separate transaction or customer support workflow.

• Delayed settlement: Payments are authorized at checkout but only captured after shipping, reducing inventory risk and supporting fulfillment-based workflows.

• Conditional fulfillment: Funds can be released automatically based on delivery status or dispute windows, enabling programmable settlement across supply chains.

Built on Base: These advanced payment flows depend heavily on recent technical improvements in both scalability and speed on Base, including Flashbots' “Flashblocks,” which cut block times from 2 seconds down to just 200 milliseconds, as well as continuous optimizations for higher throughput.

• “I want to give a shoutout to Base because if you don’t have a fast enough network for commerce, then it doesn’t matter how programmable the stablecoin is,” explained Mani Fazeli, a VP of Product at Shopify.

Seamless checkout: To support a one-click e-commerce UX, Base also recently launched Smart Wallet Profiles, a new feature that privately stores customer details, such as shipping addresses or emails, in an encrypted off-chain vault. At checkout, customers can securely share this data with merchants in a single click, enabling portable customer profiles and frictionless shopping experiences across any integrated store.

Next steps: The protocol is currently rolling out across 34 countries where Shopify supports crypto payments. Additional geographic coverage and expanded tooling — including analytics, dashboards, and deeper merchant integrations — are expected in the coming months. A public Dune dashboard tracks adoption, volume, and participating merchants in real time.

Onchain private equity: On Wednesday, U.S. investment platform Republic introduced “Mirror Tokens”, a new type of asset that tracks the value of private company shares and allows retail investors to trade them globally.

• SpaceX first: The first token, issued on Solana, will offer exposure to Elon Musk’s SpaceX, with plans to expand the offering to other high-profile companies like OpenAI and Stripe.

Democratization: Since 2016, Republic has been using licenses and crowdfunding exemptions under U.S. securities law to enable retail investors to access private markets and alternative assets typically reserved for accredited investors.

• Track record: To date, more than $2.6 billion has been deployed through platforms, funds, and affiliates within Republic’s ecosystem by over 3 million investors across 150+ countries.

Mirror Tokens: For the new offering, Republic is making use of the JOBS Act, which lets private U.S. companies issue securities and raise up to $5 million a year from retail investors. Here’s how it works:

• No approval required: Republic issues the tokenized securities itself, with the tokens tracking shares of private companies like SpaceX. Through this structure, it doesn’t need permission from the underlying firms.

• Valuation basis: Token pricing is based on how company shares are trading in secondary markets.

• Minimum investment: Individuals need to join a waitlist and can invest as little as $50, up to a cap of $5,000.

• Payout logic: If the company is acquired or goes public, Republic is obliged to pay out the increase in valuation to token holders.

• Liquidity: Tokens are subject to a one-year lockup before becoming tradable on Republic’s secondary market.

Regulatory gray zone: While Republic CEO Kendrick Nguyen said he’s confident in the tokens’ legality, there are plenty of questions. First, investors won’t receive financial disclosures or equity ownership. Second, legal experts question whether companies like SpaceX might challenge the structure. And third, it seems like the tokens could still attract scrutiny from regulators.

Onchain spending, unlocked: Mastercard and Chainlink have teamed up to launch Swapper Finance, a new retail flow that lets users purchase tokens directly on decentralized exchanges using a Mastercard.

Why it matters: For the first time, Mastercard’s 3.5 billion cardholders can interact directly with onchain markets without needing an exchange account, stablecoin preloading, or a custody intermediary. Unlike most fiat on-ramps, this integration executes the final swap fully onchain and delivers tokens straight to the user’s wallet.

How it works: The Swapper system is powered by a coordinated set of partners, each handling one leg of the flow:

1. The user starts a token purchase on Swapper using their Mastercard.

2. Shift4, a major payments processor, handles the card transaction and routes it through Mastercard’s network.

3. zerohash, a regulated crypto infrastructure provider, converts the fiat into stablecoins and transfers them to the Swapper smart contract.

4. Chainlink validates the transaction details and triggers the onchain swap.

5. Swapper Finance, built on XSwap and Uniswap, executes the trade, sending the desired tokens directly to the user’s wallet.

Flow of operations | source: Chainlink

Stablecoin strategy in motion: The Chainlink integration is part of a broader push by Mastercard to bring stablecoins into the mainstream. Recent moves include a partnership with Paxos to support USDG issuance, support for PYUSD and FIUSD across settlement and card products, and a joint pilot with MoonPay to launch stablecoin-linked cards.

Building deeper rails: Beneath these user-facing products sits a deeper layer of infrastructure. Mastercard is quietly investing in tools that bring compliance, programmability, and identity to onchain transactions — both for retail and institutional use cases.

• With Mastercard Crypto Credential, the company is introducing a new trust layer that allows wallet addresses to remain pseudonymous by default, but verifiable when required — enabling compliant fund transfers and boosting approval rates across payment flows.

• With the Mastercard Multi-Token Network (MTN), it’s building a programmable settlement system that supports not just stablecoins, but tokenized financial assets and institutional B2B use cases.

What’s next: Mastercard has discussed working with Chainlink to connect MTN with onchain protocols. The same tools that now enable retail swaps may soon support institutional-grade purchases of real-world assets.

Acquired: On Wednesday, Coinbase announced it is acquiring Liquifi, a leading token management platform, in a bid to make token launches for companies easier, faster, and more accessible than issuing traditional equity.

One of many: The move follows Coinbase’s record-breaking $2.9 billion acquisition of Deribit in May, bringing the world’s largest crypto options platform under its umbrella. Including earlier acquisitions of privacy protocol Iron Fish and Web3 ad-tech platform Spindl, this marks Coinbase’s fourth acquisition this year.

What Liquifi does: Founded in 2021, Liquifi offers infrastructure that helps crypto companies manage every aspect of their token lifecycle — from launch and distribution to vesting, tax, and compliance. Its platform abstracts away legal overhead and operational complexity, offering a unified interface that automates many of the core workflows surrounding token issuance and management:

• Token launches and airdrops: Liquifi helps teams prepare for launches, including airdrop execution and compliance.

• Vesting and lockups: Its tools automate complex vesting schedules for investors, team members, and advisors.

• Crypto payroll: The platform supports automated token payroll and tax withholding across jurisdictions, helping firms compensate talent globally.

• OTC trading: Liquifi also facilitates confidential OTC transactions.

Traction: According to the project’s website, more than 100 teams rely on these tools — including names like Uniswap, Ethena, and Optimism — with Liquifi managing over $8.5 billion in assets on their behalf.

Integration ahead: Going forward, Coinbase plans to integrate Liquifi’s tooling into Coinbase Prime, its prime brokerage suite used by asset managers, hedge funds, and corporations.

• “Over time, we’ll integrate these capabilities with Coinbase Prime to give issuers best-in-class tools […], while tightening our integration across custody, trading, financing, and beyond,” wrote Greg Tusar, Head of Institutional Product at Coinbase.

Robinhood Crypto: At a private estate just outside Cannes, Robinhood took center stage during EthCC with the unveiling of its most ambitious crypto product suite to date. The announcement featured tokenized U.S. stocks, synthetic derivatives of private companies, and a forthcoming Layer 2 chain purpose-built for real-world assets.

Coming for Europe: The rollout marks Robinhood’s most decisive push into the European market to date. More than 200 U.S. stocks and ETFs are now available as tokens to eligible users. The offering includes zero commission (other fees may apply), built-in dividend support, and 24/5 trading access. In addition, the launch introduces crypto perpetual futures for EU-based traders.

• “This year is the turning point. The time has come. I want crypto to be useful — not just Bitcoin and memecoins, but something that confers real utility,” said Robinhood CEO Vlad Tenev.

Tokenized stocks go mainstream: Robinhood’s move coincided with the launch of xStocks, a different flavor of tokenized equities by Backed Finance, which went live the same day on Kraken and Bybit for non-U.S. users. Across the board, crypto exchanges are now leaning into tokenized assets, with Coinbase, Gemini, and others exploring similar paths.

But how real is it? While Robinhood’s tokens sparked enthusiasm, they also drew scrutiny. Critics noted that these tokens don’t grant shareholder rights — a view confirmed by Robinhood’s own disclosures. Instead, the product is structured as a synthetic derivative that mimics price and dividend flows but carries no legal rights.

• Non-transferable (for now): At this stage, the tokens cannot be self-custodied or transferred between users, either. Each one is created and destroyed with every trade, keeping all activity confined to the Robinhood platform.

Pushback from OpenAI: The controversy deepened when OpenAI clarified that it had no involvement in the offering of "OpenAI tokens" and did not authorize or endorse their use. In a public statement, the company emphasized that the tokens do not represent OpenAI equity and that any transfer of actual shares would require its approval.

Three phases of stock tokenization: Still, Tenev emphasized that this is only the beginning. In Cannes, he outlined a three-phase roadmap that gradually moves from a controlled product to fully composable, self-custodied stock tokens.

1. Phase (Live): Users can buy and sell 200+ stock tokens within the Robinhood app. These are fully synthetic, held by Robinhood, and minted or burned with each trade.

2. Phase (Bitstamp integration): Soon, the tokens will be tradable 24/7 via Bitstamp, the European exchange Robinhood recently acquired. Orders will route dynamically between Bitstamp and traditional markets depending on liquidity and market hours.

3. Phase (Self-custody): In the final stage, Robinhood plans to enable withdrawals to self-custody wallets. These tokens will eventually migrate to a dedicated Layer 2 chain built on Arbitrum Orbit, unlocking permissionless DeFi use cases like lending and composability.

What’s next: Routing to Bitstamp is expected in the coming months. The move toward self-custody could follow soon after, though Tenev cautioned that the timing will hinge on regulatory green lights.