Robinhood CEO Says Crypto Future Lies in Real-World Assets, Not Memecoins

According to CNBC, Robinhood CEO Vlad Tenev stated on Thursday, July 2, that the future of cryptocurrency hinges on tokenizing real-world assets (RWAs) rather than creating tokens without underlying utility. "If an asset is not tied to an underlying utility, it's not a productive asset," Tenev said. "What's the benefit of making a million different memecoins?"

The statement came a day after Robinhood launched Stock Tokens, a service allowing users to trade tokenized equities 24/7 on Robinhood Chain and eventually deploy them as collateral in decentralized finance. Bitcoin was trading at $61,601.41, down 30% year to date as of Thursday morning.