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Robinhood to add in-kind redemption and voting for Stock Tokens as TVL tops $170M
The tokens currently do not offer in-kind redemption or voting rights.
Robinhood CEO Vlad Tenev disclosed Monday plans for in-kind redemption and voting capabilities for the brokerage’s Stock Tokens as they develop additional features for eligible holders.
Stock Tokens have reached more than $170 million in total value locked shortly after their launch, as confirmed by Johann Kerbrat, senior vice president and general manager of crypto and international at Robinhood. Meanwhile, Robinhood Chain has recorded nearly $50 billion in DEX volume.
Kerbrat said the tokens were built to be composable, enabling developers to create new offerings around them. He added that Robinhood aims to expand access to US investment assets by making them available to eligible customers through a phone and internet connection.
Kerbrat said Stock Tokens are backed 1:1 by real shares in secure custody, with Robinhood buying a real share whenever a new token is minted. He said the company is working toward 1:1 redemptions for eligible Stock Token holders, while voting rights are also planned. Holders currently receive the economic equivalent of dividends and corporate-action returns through reinvestment into their holdings.