Galaxy Digital: Robinhood's All-Weather Tokenization Plan Threatens NYSE Revenue

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Golden Finance reported that Galaxy Digital stated in a report on Friday that Robinhood's tokenization initiative removes assets from traditional market channels and puts them on-chain, directly challenging the centralized liquidity and activity that large traditional finance (TradFi) exchanges like the New York Stock Exchange (NYSE) rely on. The platform's architecture is similar to the Rollup models like Coinbase's Base, allowing Robinhood to have full control over its sequencer and to collect all transaction fees. Galaxy estimates that Base generates over $150,000 in sequencer fees for Coinbase every day. According to the report, by operating the sorter of Robinhood Chain and controlling tokenized assets, Robinhood aims to monetize every layer of the trading stack—from "off-chain trading to on-chain utility."

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