All-In with Chamath, Jason, Sacks & Friedberg Robinhood CEO Vlad Tenev on tokenizing stocks, expanding access to private shares, fintech's future
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Sep 15, 2025 
Vlad Tenev, Co-founder and CEO of Robinhood, discusses the revolutionary potential of tokenizing stocks, including shares in companies like OpenAI and SpaceX. He shares insights on the shifting political landscape and how it affects financial regulation and investor access. Tenev also highlights the importance of educating young investors about financial tools and risks. Additionally, they explore the role of mathematical superintelligence in fintech, aimed at enhancing AI capabilities to improve user engagement and product offerings.
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Tokenizing OpenAI And SpaceX
- Vlad described tokenizing OpenAI and SpaceX and distributing tokenized shares to European retail customers as a giveaway.
- He noted the move generated controversy but showcased the capability to tokenize private company exposure.
Tokenization Works Like Stablecoins
- Vlad compared security tokenization to stablecoins: hold an asset reserve and mint/burn tokens one-to-one.
- Tokens can trade publicly on blockchains while being backed by reserved assets off-chain.
Expect Broader Tokenization Rollouts
- Vlad says expect Robinhood to expand tokenization efforts in both the U.S. and Europe using different mechanisms.
- He advises listeners to anticipate broader and deeper product launches in the space.