币界网报道：The era of coin stocks has exploded. Last night, Robinhood, Kraken, and Bybit successively announced the layout of the tokenization of US stocks, and the dimensional wall of coin stock trading was officially broken. Among them, Robinhood has thrown out a strategic combination punch, directly leaping from an Internet brokerage to an "all-round investment platform driven by encryption". At the press conference in Cannes, France, it announced a new encryption strategy matrix: tokenized trading of US stocks, Layer 2 public chain, credit card cashback for purchasing coins, etc. As soon as the news came out, Robinhood's stock price rose by 12.77%, setting a new historical high. Robinhood VS xStocks In the new wave of US stock tokenization, two forces are quietly colliding: on the one hand, Internet brokerages represented by Robinhood are entering the encryption field, and on the other hand, encryption native exchanges such as Kraken are reversely deploying the US stock market. They are entering the track of "coin stock integration" from two directions to compete for market dominance. In terms of technology and market strategy, these two forces also show distinct differences. Robinhood chose Arbitrum as the token issuance chain and took the lead in supporting the EU market. In contrast, xStocks launched by Kraken is based on the Solana chain and is aimed at non-US retail customers. It has not yet covered multiple mainstream markets such as the EU. The following is a comparison of the two options: This competition between coin and stock trading is essentially a collision and integration of two ecosystems. Internet brokerages attract traditional investors to enter the crypto field with their convenience and compliance advantages; crypto exchanges integrate traditional financial market resources to promote more open financial development. However, with the emergence of high-quality and valuable tokenized assets from high-growth companies such as OpenAI and SpaceX, the market space for the original altcoins and meme coins may be compressed. Robinhood's new crypto strategy matrix At the press conference, in addition to announcing the highlight of "US stock tokenization trading", Robinhood also comprehensively outlined the new blueprint of its crypto strategy, formulated differentiated development paths for the EU and US markets, and tried to build a complete ecosystem from trading end to infrastructure. The EU is the current core battlefield. Robinhood has expanded its services to cover 30 EU and EEA countries, reaching more than 400 million people. In addition to tokenized trading, Robinhood also launched crypto perpetual contract products at the same time, and directly announced the transformation of the European App into a "full-featured investment platform driven by crypto". In the US market, Robinhood is working hard to improve the supporting service system for crypto trading: opening ETH and SOL staking services; Robinhood Gold credit card will support automatic purchase of coins with cashback; AI investment assistant "Cortex" will also be launched to provide member users with token-level intelligent analysis and real-time market interpretation. In addition, US users can view and sell specific crypto assets by tax batches to achieve more flexible tax optimization strategies. The most strategic step is that Robinhood is developing its own Layer 2 blockchain. The public chain is built on the Arbitrum technology stack, and in the future it will carry the issuance, trading and cross-chain bridging of all tokenized assets, becoming the "landing point" and "engine" of Robinhood's crypto ecosystem. If the model works, the digital reconstruction of the entire trillion-level TradFi market, including bonds, futures, insurance, and real estate, will be accelerated. The following are the seven new optimizations announced by Robinhood: Source: @Phyrex_Ni Why is Robinhood determined to "All in Crypto"? Before announcing its new encryption strategy, Robinhood has begun to pave the way for its on-chain layout. In May and June 2025, the company acquired Canadian compliant encryption platform WonderFi and veteran exchange Bitstamp for US$180 million and US$200 million respectively. Robinhood's "all in" for encryption is not a whim, but is based on its deep insight into profit structure, market trends, and regulatory changes. Judging from financial data, encryption has become Robinhood's main source of income. In the first quarter of 2025, its total trading revenue was US$583 million, of which crypto trading contributed US$252 million, exceeding the US$240 million of options trading, accounting for as much as 43%. At the profit margin level, the encryption business is also far ahead. According to Zheng Di, an investor in cutting-edge technology, crypto is already its highest-profit business. The market-making rebate rate for crypto order flow is 45 times that of stocks and 4.5 times that of options. Robinhood can get an average rebate of about 0.35% for each order, and the actual implicit fee is 0.55%. Importantly, this part of the income is not limited to the rebate itself, but also includes routing premiums and slippage income. In addition, crypto has brought new product possibilities to Robinhood, leaping from a platform for matching transactions to a provider of on-chain financial infrastructure. For Robinhood, crypto is not only an accelerator of profits, but also a path to the next round of financial dominance. What it bets on is not just the change in asset form, but the reconstruction of the entire financial infrastructure. The tokenization of US stocks may be just a stepping stone. The bigger picture is a new financial order based on the chain, open and efficient. Recommended reading: US listed companies are flocking to "buy coins", how effective is the second growth curve? Coins, stocks, and chains are the three axes. One article reveals the ultimate ambition behind the expansion of Coinbase's "empire". Brokerage firms "take over coins", and exchanges "break the circle": Is a new era of encrypted asset circulation beginning?