Robinhood CEO says tokenized stocks could prevent another GameStop freeze

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Robinhood CEO says tokenized stocks could prevent another GameStop freeze Vlad Tenev blamed the trading halt on its app in 2021 on bad infrastructure, a problem that he says tokenization would solve. By Helene Braun | Edited by Stephen Alpher Jan 28, 2026, 3:49 p.m. Make us preferred on Google What to know : Robinhood CEO Vlad Tenev says the 2021 GameStop trading halt was caused by slow, collateral-intensive settlement infrastructure, rather than bad actors. Tenev argues that even the shift from T+2 to T+1 settlement is insufficient in a 24/7 news-and-trading environment, especially for trades executed on Fridays. He is pushing to move stocks onto blockchains for real-time settlement, expand Robinhood’s tokenized stock offerings and 24/7 DeFi-style trading, and urge Congress to pass the CLARITY Act to force the SEC to issue rules on tokenized equities. Five years after Robinhood (HOOD) stunned users by halting trades on GameStop (GME) and other meme stocks, CEO Vlad Tenev says blockchain-based shares could help make sure it never happens again. In a post on X marking the anniversary of the January 2021 trading freeze, Tenev blamed the chaos not on bad actors, but on bad infrastructure. “What happens when you combine slow, outdated financial infrastructure with unprecedented trading volume and volatility in a small number of stocks,” he wrote. “Massive deposit requirements, trading restrictions, and millions of unhappy customers.” STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . At the time, Robinhood and other brokers faced massive collateral demands due to the industry’s two-day trade settlement system. To keep operating, Robinhood raised over $3 billion in emergency funding. “Retail investors who wanted to buy Gamestop were understandably livid,” Tenev continued. Although regulators later shortened the cycle from T+2 to T+1, meaning a one-day settlement, Tenev says that’s still not fast enough. “In a world of 24-hour news cycles and real-time market reactions, T+1 is still far too long,” he said, noting that Friday trades can still take days to settle. His solution: move stocks on-chain. “Tokenization refers to the process of converting an asset, like a stock, into a token that lives on a blockchain,” Tenev wrote. “No lengthy settlement period means much less risk to the system and less pressure on both clearinghouses and brokerages, so customers can freely trade how they want, when they want.” Robinhood was one of the first major players to embrace tokenized stocks. According to data from Entropy Advisors on Dune Analytics, the company has minted nearly 2,000 tokenized versions of U.S. stocks and ETFs, totaling just under $17 million, according to RWA.xyz. That’s still far behind tokenization leaders xStocks and Ondo Global Markets, whose offerings each exceed $500 million. “In the coming months, we’re planning to unlock 24/7 trading and DeFi access,” Tenev wrote, pointing to upcoming features like self-custody, lending, and staking. But for U.S. markets to follow, he said, regulators must act. Tenev urged lawmakers to pass the CLARITY Act, which would push the SEC to write rules for tokenized equities. “Let’s seize the moment,” he said, “and unlock real-time settlement for retail traders once and for all.” Robinhood More For You Pudgy Penguins: A New Blueprint for Tokenized Culture By CoinDesk Research Dec 30, 2025 Commissioned by Pudgy Penguins Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale. What to know : Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token. The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility. View Full Report More For You Strive clears Semler debt off books, buys more bitcoin after $225 million preferred stock sale By James Van Straten , AI Boost | Edited by Stephen Alpher 32 minutes ago The offering of SATA shares was oversubscribed and upsized from the initial $150 million target. What to know : Strive (ASST) raised $225 million through an upsized and oversubscribed SATA preferred offering. 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