<\/p>\n
Think about what investing in international stocks meant for an ordinary investor not so long ago. <\/p>\n
You needed a brokerage account with international access, dealt with currency conversion fees, navigated tax complications and, in many cases, couldn’t buy the companies you wanted. The financial system was built for insiders.<\/p>\n
That is the problem Robinhood built its entire identity around solving. And now, according to a Morgan Stanley research note shared with me at TheStreet, it is doing it again. And this time for global investors who want access to U.S. equities without a U.S. brokerage account.<\/p>\n
Robinhood (HOOD) has launched Stock Tokens. These are tokenized debt securities tracking U.S. equities and are available to investors in more than 120 countries. <\/p>\n
Within months, the product accumulated more than $150 million in assets, approximately 200,000 holders, and roughly $400 million in daily decentralized exchange volume, according to the Morgan Stanley note. <\/p>\n
A person in Brazil or Nigeria can now hold a derivative position tracking Apple or Nvidia stock through a blockchain wallet.<\/p>\n
Also Read: Robinhood Markets Inc. Latest News and Stories<\/p>\n
What Robinhood has actually built and why Morgan Stanley calls it a “right to win”<\/p>\n
Looking at the note, I see Morgan Stanley framing Robinhood’s onchain evolution around one structural advantage: 28 million funded customers who already trust the platform with real money.<\/p>\n
Building a blockchain product from scratch requires trust, which, of course, takes years. Robinhood is starting with a customer base that has already crossed that threshold. <\/p>\n
The firm sees this as the foundation for what Morgan Stanley calls a “right to win” in tokenized finance.<\/p>\n
More Robinhood:<\/p>\n
Goldman Sachs doubles down on Robinhood stock after record trading surge<\/p>\n
Robinhood makes controversial change to beloved product<\/p>\n
Robinhood stock falls as company unveils $2 billion debt plan<\/p>\n
The product stack that the note describes is actually more comprehensive than most investors realize. Robinhood Chain is a Layer-2 blockchain built on Ethereum, dedicated to financial services and real-world assets.<\/p>\n
Robinhood Earn integrates decentralized lending directly into the main app via protocols such as Morpho. Robinhood Wallet provides self-custody and decentralized exchange routing. Bitstamp, the $200 million institutional crypto exchange Robinhood acquired, provides the infrastructure for global crypto trading across all U.S. states and international markets.<\/p>\n
Robinhood Chain has already scaled to more than $1.5 billion in total value locked, with Earn balances approaching $450 million, according to Morgan Stanley’s note. <\/p>\n
Robinhood’s regulatory picture that shapes what comes next<\/p>\n
The U.S. Senate failed to advance the CLARITY Act on Sep. 15, falling short of the 60 votes needed in a 49-to-50 procedural vote, with negotiations stalling over ethics provisions tied to President Trump’s crypto businesses, according to CNBC.<\/p>\n
That outcome matters, but Morgan Stanley’s note suggests it is not the decisive factor for Robinhood’s timeline. <\/p>\n
The SEC subsequently introduced a digital asset “innovation exemption” that would allow eligible platforms to trade tokenized U.S. stocks without registering as national securities exchanges. <\/p>\n
Related: Robinhood makes controversial change to beloved product<\/p>\n
The CFTC issued a no-action position for passive software providers and sent the crypto market rulemaking proposal to the White House. The OCC is advancing stablecoin rulemaking with completion targeted for November.<\/p>\n
The regulatory environment is messy and incomplete, but it is moving toward recognizing tokenized finance as a legitimate category rather than treating it as an extension of speculative crypto trading.<\/p>\n
That distinction actually matters enormously for Robinhood. The company’s Q2 2026 earnings showed traditional cryptocurrency transaction revenue falling 38% year over year (YOY) to $100 million, according to the earnings release. The growth is in the infrastructure and financial products built on top of blockchain rails.<\/p>\n
Robinhood (HOOD) launched tokenized debt securities tracking U.S. equities, available to investors in more than 120 countries.<\/p>\n
Shutterstock<\/p>\n
The Robinhood catalysts Morgan Stanley is watching<\/p>\n
The note identifies several near-term events that could move the story forward. The Robinhood Summit on September 29 and 30 could bring product announcements, including potential U.S. perpetual futures trading. This is a product category currently available internationally but not yet in the domestic market. <\/p>\n
Expanded real-world asset offerings and deeper lending and collateral use cases for Stock Tokens are the other near-term priorities.<\/p>\n
The Q2 2026 earnings, reported July 29, already showed a business generating record revenue of $1.31 billion, up 32% year over year, with 13 separate business lines each above $100 million in annualized revenue. Net deposits were a record $22 billion. Gold subscribers hit a record 4.8 million, or 39% YOY.<\/p>\n
Whether it's the Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is focused on one goal: making everyone an owner.<\/p>\n
Morgan Stanley’s onchain thesis is really the latest chapter of that mission: expanding financial access to people and markets that the traditional system was never built to serve. <\/p>\n
The bigger question is whether Robinhood’s 28 million customers, along with the millions of global investors now gaining access through Stock Tokens, can turn that mission into a meaningful new growth engine.<\/p>\n
Currently, HOOD trades near $119.40, up 5.57% year-to-date, and $1,133.47% according to Yahoo Finance. Based on TheStreet’s 21 analysts’ stock ratings for Robinhood in the past 3 months, 19 gave a buy, 2 a hold, and 0 a sell.<\/p>\n
Related: Cathie Wood buys $3.5 million of surging tech stock<\/p>\n
#Morgan #Stanley #Robinhood #quietly #built #bigger #ahead #September #Summit<\/p>\n","protected":false},"excerpt":{"rendered":"
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