Robinhood, an online brokerage, has announced its plans to launch a layer 2 blockchain and offer tokenized stocks for EU users. In this article, we explore three key events in the cryptocurrency world.
Launch of Robinhood Tokenized Stocks
Robinhood plans to allow European users to trade U.S. stocks and ETFs in the form of 'Robinhood Stock Tokens.' These assets will feature commission-free trading and dividend distribution through the Robinhood app.
The company is also developing its own layer 2 blockchain—Robinhood Chain—built on Arbitrum technology to enhance trading speed and efficiency.
Circle Applies for Bank Charter
Stablecoin issuer Circle has applied for a national bank charter in the U.S., which would enable it to custody USDC reserves and manage crypto assets for institutions.
The proposed entity, First National Digital Currency Bank, N.A., would be regulated by the OCC but will not accept deposits or issue loans like traditional banks.
Launch of Katana by Polygon and GSR
Polygon Labs and market maker GSR have launched Katana, a DeFi-centric layer 2 chain. Katana features curated financial apps and utilizes the VaultBridge protocol to route assets back to Ethereum’s Morpho protocol for low-risk lending.
Yield generated is returned to Katana to boost rewards for core DeFi apps.
The launch of Robinhood's tokenized stocks, Circle's bank application, and Katana by Polygon and GSR highlights the rapid development of the cryptocurrency sector and the growing integration of traditional finance and DeFi.
