Tokenization Could Open New Doors for Retail Investors, Says Robinhood Crypto Exec

Tokenization has the potential to reshape financial accessibility by allowing retail investors to access asset classes traditionally reserved for the wealthy, according to Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto.

Speaking at the Consensus 2025 event in Toronto, Kerbrat emphasized the role of tokenization in democratizing access to real-world assets (RWAs) like real estate and private equity. "You need to be an accredited investor to invest in private equity right now," he noted, highlighting how regulatory barriers have historically excluded everyday investors from lucrative opportunities. “How many people can afford a house or an apartment in New York?” he asked. “But you can get a piece of it with fractionalization, through tokenization.”

Kerbrat called tokenization "very important for financial inclusion," pointing to its ability to make traditionally illiquid and expensive assets more accessible and easily exchangeable for a broader audience.

Robinhood joins a growing list of firms exploring RWA tokenization, alongside financial giants like BlackRock, Franklin Templeton, Apollo, and VanEck. While the concept is often promoted as a driver of financial inclusivity, data suggests the current ownership of tokenized RWAs remains highly concentrated. As of May 16, the onchain RWA market had a capitalization of $22.5 billion spread across just 101,457 asset holders — an average of over $221,000 in holdings per participant.

Tether's USDT has seen its market share surge over the past few years. Source: DefiLlama

Kerbrat also discussed the evolution of stablecoins, which he believes will soon become more specialized. “You will see 100 stablecoins,” he predicted, noting the potential for tokens tailored to specific regional or use-case needs. For instance, one stablecoin may be used for US-to-Singapore transfers, while others might cater to niche sectors.

Currently, dollar-pegged stablecoins dominate the market, with Tether’s USDt and Circle’s USDC making up $211.8 billion, or 87.1% of the total $243.3 billion market cap, according to DefiLlama.

The shift, according to Kerbrat, will move from generic stablecoins to platforms that efficiently manage a variety of them, reflecting a maturing ecosystem driven by user demand and functional specialization.