Robinhood owning the chain instead of renting rails is the tell here. Tokenized equities printed a record volume in June, but a broker running its own chain keeps the fees and the float in house, which is a very different future than the neutral tokenization layer most infrastructure names are priced on. Do stock tokens end up consolidating around brokers or around chains?
Robinhood owning the chain instead of renting rails is the tell here. Tokenized equities printed a record volume in June, but a broker running its own chain keeps the fees and the float in house, which is a very different future than the neutral tokenization layer most infrastructure names are priced on. Do stock tokens end up consolidating around brokers or around chains?
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