Vlad Tenev on Robinhood, Tokenized Assets and Building Financial Products

Harry Stebbings interviews Robinhood co-founder and CEO Vlad Tenev about AI, active trading, tokenized assets and company culture. Stebbings estimates that Robinhood's market capitalization rose from $35 billion to about $85 billion over roughly eight months. Those are the host's figures at the time of recording, not current values; Tenev's product and policy views reflect his position at Robinhood.

Tenev says the company had articulated a strategy for two years and that investors needed time to see it working. He also credits good fortune: several initiatives succeeded. Asked about cost efficiency, he says AI has had a substantial effect on internal engineering and customer-support teams.

Stebbings asks if AI writes about half of Robinhood's new code, comparing it with a figure attributed to Salesforce. Tenev says that sounds right, but calls attribution difficult with agentic tools; he guesses human-generated code is a minority and says engineering adoption is close to 100%. These are his estimates, not independently measured output or a measure of code quality.

Tenev says Robinhood built its own customer-support AI because outside offerings were less developed when it began and because answering queries and taking actions require deep integration with internal systems. He calls its system best-in-class, a company claim the interview does not independently test.

Asked if Robinhood could sell the tool to other companies, Tenev says internal discussions have occurred but integrating each customer's proprietary data would be challenging. He likes making internal tools available externally because customers create pressure to keep them good. This is a potential direction, not a product commitment.

Tenev identifies hallucinations as a continuing AI limitation and discusses Harmonic, where he is chairman. He describes its goal as checking each step of reasoning against a clear correctness measure. His view that such a system could be transformative is a forecast from someone with a direct interest, not proof that hallucinations have been eliminated.

Stebbings asks how Robinhood's customer base changed as it added options, crypto and cash products. Tenev says a major shift was deliberately serving digitally native active traders, whose demands include speed, low latency and specialized interfaces such as Robinhood Legend and a futures ladder.

Initially, Robinhood targeted first-time investors with an easy mobile app and zero commissions. Tenev says active traders came anyway because they could research elsewhere and save trading commissions. A relatively concentrated group generated more revenue than the company expected, but it did not initially design specifically for them.

By 2022, Tenev says, active traders were leaving for other platforms as their needs outgrew Robinhood's offering. He calls the decision to invest in serving them the leading reason for the turnaround. That is his interpretation of the business, not an isolated causal measurement.

Stebbings asks whether attention-driven stocks introduce people to investing or draw them into prices detached from fundamentals. Tenev distinguishes the current examples he has in mind from meme coins and GameStop in 2021: he thinks investors may believe in the industries behind them. He cites CoreWeave as a way to gain AI exposure and Circle as stablecoin exposure, without establishing that either investment is appropriately valued.

Tenev argues tokenization could make US assets more accessible outside the US and expand access to illiquid assets such as private companies, property and art. Robinhood has a commercial interest in that thesis. He says the firm chose SpaceX and OpenAI as prominent, difficult-to-access examples and sees a need for regulatory clarity in the US.

Stebbings asks what the private-company token actually represents. Tenev describes traditional exposure held through a special-purpose vehicle and tokenized, rather than a simple direct share. He says OpenAI's underlying interests are complicated, involving profit participation and convertible interests; the rights and risks depend on the actual instrument and structure.

OpenAI objected to the launch, and Tenev says he considered part of its warning unfair while recognizing that the product could be a distraction for a company pursuing a for-profit conversion. He argues that wider economic access would serve OpenAI's stated mission. His interpretation is contested by the company, and the interview does not resolve the product's legal rights or safety.

Tenev says private companies often have ample funding options and little incentive to offer retail access. He argues that tokenization should work without the underlying company's opt-in and says Robinhood found a way to do so. This is his proposed model and commercial position, not a determination that every implementation is lawful or that tokens confer direct ownership.

Asked about regulation, Tenev considers the European framework clearer and says US accredited-investor and crypto rules need work. He hopes the European offering will demonstrate value elsewhere. His account is a policy view, not legal advice or a conclusion that the rules provide approval for all products.

Stebbings asks whether the approach could eventually reach earlier-stage companies, using Harmonic as an example and noting Tenev's chairmanship. Tenev says he would like access to extend as early as possible. His vision of 'capital as a service' is a marketplace where founders supply information, seek funding with less friction and return to running their businesses.

Tenev says more than 200 public-stock tokens were live in Europe at the time and plans to extend the range into thousands and make private-stock exposure tradable. Stebbings questions whether so many assets are needed given concentrated trading volume. Tenev wants a broad range because he cannot predict what investors will want, while acknowledging problems with some listed low-priced stocks.

For public-stock tokens, Tenev describes three stages: initially minting or burning tokens alongside trades in underlying markets; later allowing token trading on Bitstamp for round-the-clock liquidity; and eventually enabling direct blockchain access, self-custody and decentralized-finance uses. The latter stages were plans, not features established as live in the interview.

Asked if the crypto wallet is a $100 million revenue line, Tenev says it had not been monetized until recently and was only beginning to be monetized. He thinks less in isolated business lines than in attracting customers, converting some to Robinhood Gold and increasing use and average revenue per user.

Stebbings asks what will be the biggest revenue generator in five years. Tenev predicts crypto will increasingly operate as a layer beneath other services rather than remain a separate asset category. He gives interest on stablecoins and crypto-based prediction markets as examples; these are proposals and predictions, not evidence of equivalent protections to bank savings.

Asked about skepticism toward stablecoins, Tenev describes Robinhood's corporate use in crypto settlement. When banks are closed on weekends, he says firms otherwise face counterparty exposure, credit-line costs or the need to prefund accounts. He says stablecoins let Robinhood transfer value to counterparties during those periods, though the interview does not quantify costs or risks.

Tenev also argues stablecoins can provide access to dollars outside the US, including in countries with depreciating currencies. This is his assessment of a product category in which Robinhood participates; it does not establish that a token is risk-free or equivalent to holding insured bank deposits.

Asked which substantial revenue line he would be willing to lose, Tenev names fees for instant withdrawals. He estimates that the business may be nine figures alone or together with related services, but says the figure should be checked. His reason is commercial: he wants customers to keep their money on Robinhood and have fewer reasons to withdraw.

For a future product, Tenev returns to private markets and the idea of capital available on demand to businesses or individuals. Asked about wealthy customers, he says Robinhood wants to serve them and that he would like his own finances on the platform. These are ambitions, not a guarantee of access to funding or service availability.

Tenev says Robinhood is rolling out private banking and discusses a possible cash-delivery service. Having used armored cash delivery through First Republic, he imagines combining on-demand delivery logistics with financial services to bring cash to customers without a branch. The description is a plan, not evidence that the service was generally available.

Stebbings contrasts Robinhood's commission-free trading entry point with Revolut's foreign exchange and Monzo's current account. Tenev says each can support a large business. He respects Revolut's product pace and international reach, and says Robinhood also wants to reach customers who do not yet have money to invest.

Tenev expects Robinhood's eventual offering to include a current account and says banking was approaching an initial rollout. On banking licenses, he describes US regulation as onerous and acknowledges advantages in being able to call a service a bank. The speakers' comments about UK competitors and regulatory effects are their impressions, not a current legal status assessment.

Asked why Robinhood now ships faster after a slow period, Tenev recalls rapid scaling during the pandemic. He estimates roughly 800 employees and $200 million annual revenue at the end of 2019, rising to nearly $1 billion annual revenue by the end of 2020. He says hiring too many people remotely made operations and onboarding difficult; these are his recollections, not audited comparisons.

Tenev says returning to the office improved operations and onboarding, although reversing remote-first policies upset employees. He favors in-person work, a management view based on his company's experience rather than a universal finding about remote teams.

He says faster delivery requires accountability for business results and a culture oriented toward execution. In financial services, he argues teams must deliver both quickly and safely because they handle customers' money. This is his management objective, not independent proof that every product meets it.

On decision-making, Tenev says vision sometimes must come from the top, especially when disagreement persists. He prefers to define the destination and give product leaders autonomy over how to reach it; he says they can overrule him and should tell him when they disagree. He estimates having 15 to 20 direct reports.

Asked about weaknesses, Tenev says he has been accused of low emotional intelligence and tries to work on it. He also finds it difficult to separate his happiness from the company's performance. In 2022 he felt low and spent considerable effort recovering his perspective.

Tenev says he did not think Robinhood faced bankruptcy in 2022, partly because it had raised substantial cash in 2021. He recalls roughly $1.5 billion to $2 billion from the IPO and around $4 billion during the GameStop episode. He questioned whether he was the right person to lead a turnaround and layoffs after previously leading a growing startup; these amounts are his recollections.

Unlike many public-company CEOs, Tenev says he likes being public. He sees earnings calls as a chance to connect with shareholders and retail investors, comparing them to a sports postgame press conference where both successes and failures can be discussed.

Asked whether Stripe should go public, Tenev says it can choose its own path and has private financing options. He nevertheless thinks retail investors' lack of access to its shares is a problem, and recounts raising the subject with Patrick and John Collison. The comment reflects his wider access thesis and Robinhood's commercial interest.

On prediction markets, Tenev says he considers them investing, while acknowledging that others call them gambling. He describes unresolved questions over state versus federal regulation and product design, and says Robinhood chose a more integrated approach. His classification is contested and does not settle how a particular contract is regulated.

Tenev says he respects Revolut and Coinbase and identifies Altruist as a competitor in custody services for financial advisers. He says Robinhood entered the adviser custody area through an acquisition and expects competition. These are his views of peers, not comparative performance data.

Stebbings asks about fitness. Tenev describes a serious back injury around the birth of his first child, postponing surgery as symptoms improved and taking about two years to become pain-free. He says a trainer helped him rebuild gradually from bodyweight and dumbbell work to heavier lifting; it is a personal account, not medical guidance.

For a purchase under $500, Tenev chooses a Toto Washlet and explains why he likes it. On marriage, he says he prefers integrating work and family while his wife prefers more separation; he values a commitment to work through disagreements. He presents this as his own experience.

Looking back at 2022, Tenev recalls Robinhood trading below its cash value and says the experience was painful. In hindsight, he believes the pressure led to decisions and investments that helped the company recover. Market prices and his interpretation are specific to that period.

Tenev closes with a five-to-ten-year vision: Robinhood would let individuals and businesses buy, sell or hold financial assets and conduct transactions globally, extending beyond its US and retail origins to institutions. This is an aspiration, not a promise that every asset or jurisdiction will be supported.