New Player in US Stock Tokenization: Robinhood May Launch Exclusive L2

As the dollar stablecoin attracts market attention, some companies have turned their focus to the tokenization of US stocks. At the end of May, a cryptocurrency exchange announced that it would offer popular US stock tokens to non-US customers; on June 18, an executive from another trading platform revealed that they were seeking regulatory approval to launch a "tokenized stock" service.

Currently, the well-known internet brokerage Robinhood seems to be looking to join this trend. It is reported that the company is developing a blockchain-based platform that will allow European retail investors to trade US stocks. Sources say that the platform may choose Arbitrum or Solana as technical support, but the specific partners have not yet been determined.

This news has sparked various speculations in the market. Some believe that Robinhood may directly integrate Arbitrum L2 as the underlying layer for blockchain trading on the new platform; more likely, Robinhood plans to utilize Arbitrum's tech stack to develop a dedicated L2 chain to better support on-chain settlement of US stock tokenization business.

At the EthCC conference in Cannes, France on June 30, Robinhood will make an important announcement, which has raised expectations for news related to L2 and the tokenization of US stocks. Meanwhile, executives from the company behind Arbitrum will also attend the conference, adding to speculation that both parties may announce a collaboration simultaneously.

In fact, Robinhood has long had the concept of tokenization of U.S. stocks. In January of this year, the company's CEO criticized the lack of a clear registration framework for securities-type Tokens in the United States, which hindered the promotion of related products. In March, he again stated that he was considering tokenizing securities to promote the integration of digital assets with the financial system.

From a technical perspective, Arbitrum, as a fully EVM-compatible L2 solution, may better meet Robinhood's needs. It allows for seamless migration of existing Ethereum smart contracts and development tools, achieving a balance between transaction confirmation times and costs. Additionally, Arbitrum offers the option of a custom L2 chain, enabling Robinhood to differentiate its products from those of other competitors.

It is worth mentioning that Robinhood has previous experience collaborating with Arbitrum. At last year's ETHDenver conference, the two parties announced the simplification of the process for users to access Arbitrum through the Robinhood wallet. This may lay the groundwork for potential further cooperation.

However, there are also opinions that Robinhood's move may simply be a mimicry of a certain trading platform's L2 products. To avoid direct competition and highlight its own advantages, it has been suggested that Robinhood should take the "closed ecosystem" approach, migrating existing financial products and users on-chain, rather than inviting external developers to participate.

Regardless of the final choice, Robinhood's move into the tokenization of US stocks will undoubtedly bring new variables to the market. This could not only change the traditional way of trading stocks but also open new avenues for the application of blockchain technology in the financial sector.