Written by: Bankless
Compiled by: Plain Language Blockchain
Do you think Generation Z (Gen Z) are just "financial nihilists" squandering their youth on TikTok and blindly speculating in the crypto market? The data from Robinhood founder Vlad Tenev will completely颠覆 your perception. In the latest Bankless interview, Vlad revealed an astonishing fact: Gen Z are the most hardcore long-termists in history, starting to plan for retirement at an average age of 19.
As the序幕拉开 for the $70 trillion "Great Wealth Transfer," this financial giant at the center of the storm is playing a big game: from 24/7 tokenized US stock trading, to plans allowing retail investors to get early access to unicorns like SpaceX and Stripe, to the即将改变游戏规则的 AI financial agents. Vlad not only responded to质疑 about "financial entertainment," but also deeply拆解ed how Robinhood is reshaping traditional banking through a DeFi architecture. This is not just an interview about trading tools, but a roadmap to the future of finance in 2040.
The $70 Trillion "Great Wealth Transfer"
Host: Let's start with the "Great Wealth Transfer." Over the next few decades, as the Baby Boomer and Silent Generations pass their assets down to Gen X, Millennials, and Gen Z, an estimated $70 to $90 trillion in assets are expected to transfer generations in the US. This is the largest wealth transfer in history. To what extent does this massive opportunity guide Robinhood's strategy?
Vlad: We think about it quite a bit. Many companies have started talking about this, but we truly turned it into concrete fintech action, dating back to when we launched Robinhood's banking services at our Gold event last year. Robinhood's core philosophy is: whether individual or institutional, domestic or international, Robinhood should be the place where all your money and assets get the best service. We believe we have a huge opportunity when inheritance events occur for the older generation. We not only serve the younger generation receiving the wealth but also aim to attract the current asset holders—the parents and grandparents—through rich products and features. Through credit and banking services, we can access a large amount of liquid assets held in checking and savings accounts. This year we also launched custodial accounts and trust accounts. We are not just waiting for people to inherit; we are working to make the older generation realize that using other outdated financial platforms today is a disadvantage. This puts us in a favorable position for the peak of the wealth transfer expected in about 8 to 10 years.
Finance in 2040: 24/7 Markets and Asset Tokenization
Host: What will finance look like in 2040? What will remain the same, and what will be彻底改变? Will we have 24/7/365 markets? What role will AI play?
Vlad: I believe 24/7/365 markets are inevitable. We launched 24-hour stock trading in 2022, and now the whole industry is following suit. The technology is ready, and weekend trading will happen sooner than imagined. Tokenization is another core driver. Last year we launched tokenized versions of thousands of US stocks in the EU, even including token giveaways for private companies like OpenAI and SpaceX. It's still early, but I think by the end of this year, tokenized stocks will begin to surpass traditional brokerage accounts in terms of trading advantages. If you can solve the 24/7 liquidity problem for private equity, then basically all assets can achieve全天候 trading.
Tech Stack: The Fusion of CeFi and DeFi
Host: Your Layer 2 chain, Robinhood Chain, just launched on testnet. How do you position this tech stack you are building? Are you challenging the NYSE, or building a new entry point into the crypto world?
Vlad: The tech stack is divided into two parts. One part is the CeFi component, which is the tradability of stock tokens on centralized exchanges like Bitstamp; the other part is the DeFi aspect, where we want users to be able to participate in DeFi protocols on Robinhood Chain or other chains through non-custodial wallets. We don't see ourselves as catching up to traditional providers; this is more like a completely new species. In the crypto ecosystem, many tokens lack underlying utility, but when you bind technological power to real-world assets (RWA) with real fundamental utility, the experience undergoes a qualitative change. As for the US market, although the regulatory environment is changing, the US itself already has a mature structure close to 24/5, so the marginal benefits of tokenization might be less apparent in the short term compared to the EU. But as the technology proves its superiority overseas, it will eventually be移植回 the US.
DeFi Strategy and "Truth Machine" Prediction Markets
Host: Companies like Coinbase and BlackRock are moving towards DeFi. What is Robinhood's decentralized finance strategy? Also, regarding the recently hot "prediction markets," do you think they are good or bad for society?
Vlad: Our strategy is "full-stack." We need to onboard a large number of customers through the Robinhood App and Wallet, while also building infrastructure like Robinhood Chain. The activity on the testnet has exceeded my expectations; developers are very interested. The future core lies in "Curation"—how to help customers filter through thousands of on-chain products to find high-quality choices that match their risk profile. Regarding prediction markets, I believe they are very beneficial to society. They are not just trading venues but "truth machines." The business model of traditional news media sometimes delays the truth in exchange for traffic, while prediction markets fill the primal need people have for "real information."
Host: Will Robinhood strengthen its media and content属性? For example, becoming the homepage for prediction markets, or adding social elements.
Vlad: Absolutely. We are about to launch Robinhood Social. We have a massive amount of assets, and prediction markets will be "first-class citizens" among them. Through user-generated content (UGC), we can capture breaking news faster than manual curation. At the same time, our media division, Sherwood Media, is also outputting high-quality content and integrating prediction market data. In terms of execution, we partner with Kalshi and ForecastX, and in the future, through the acquired Bitstamp, we will also have our own trading venue to provide customers with the optimal experience.
Debunking the Myth of "Financial Entertainment"
Host: Many people believe the younger generation engages in finance for entertainment, even带有 "financial nihilism," thinking they are speculating and gambling. As a platform, how do you view this trend?
Vlad: I have a rather "spicy" take: I don't believe entertainment drives most financial activity. The reality is, no one wants to discuss the boring but important parts on social media. On Twitter, no one posts "my Robinhood retirement account grew again," because it's not sexy and doesn't go viral. But the data tells us that 40% of the assets on the platform are in passive instruments (like ETFs, cash). Even the most active options traders typically have larger passive investment portfolios. People just operate in different accounts for different purposes.
Host: That's a powerful counter-narrative. So Gen Z isn't financially irresponsible, but actually more savvy?
Vlad: Exactly. As I just mentioned, they open accounts very early. Part of the reason is the convenience of access—just a few clicks on Robinhood to open an account. Another part is economic incentives, like our 3% match contribution for Gold members' retirement accounts. Furthermore, young people today are more likely to be independent contractors or gig economy participants, making it harder to rely on traditional employer 401k plans, so they need to actively manage their future more. Currently, our retirement assets have exceeded $25 billion, and the growth is astounding.
Trump Accounts and the Future "Gen Beta"
Host: Let's talk about groups younger than 19. The Trump Accounts mentioned in the recent "Fairness for All Act" have attracted attention; the government would provide a $1000 initial investment fund for newborns. Why do you rate this so highly?
Vlad: This is the first mechanism I can think of that truly "gives money back to the future." Current policies mostly involve debt that mortgages the future. Trump Accounts are automated; they teach children the value of long-term investment. By age 18 or 30, benefiting from compound interest, this money could grow to hundreds of thousands or even millions of dollars. Although newborns won't directly operate phones, these accounts are managed by parents, and we will focus on building a "kids' investment experience" focused on financial education and literacy.
Financial Super App and the Future of Payments
Host: Everyone is running towards a "financial super app." Will Robinhood pack all functions into one app? Also, why haven't you implemented peer-to-peer (P2P) payments between users yet?
Vlad: We will adopt a flexible strategy. The main app will evolve to be more highly personalized, tailored to you like a social media feed. At the same time, we will also retain standalone professional apps, like a dedicated banking app or non-custodial wallet, connected through unified identity verification. Regarding payments, we've experimented. But we found Robinhood users are primarily credit-driven, not the群体 that primarily relies on借记卡 for early paycheck access. Currently, the P2P experience on Venmo and Cash App is already good; we don't want to just pile on mediocre, commoditized features unless we can make significant improvements. Right now, our priority is moving the remaining banking features onto the platform.
Stablecoins and Regulation
Host: What is your view on stablecoins as banking products?
Vlad: Stablecoins face two challenges: First, FDIC insurance. US consumers highly value fund safety, especially after the 2023 banking crisis; the de-pegging risk of stablecoins leaves people wary. Second, competition from cashback on payments. Currently, you can't get 3% cashback like with credit cards when paying with stablecoins. Stablecoins are currently useful for large B2B or cross-border payments, but for consumer scenarios like splitting a bill for pizza, more ecosystem maturity is needed.
Host: Regarding the Clarity Act (crypto regulation bill), how reliant are you on its passage?
Vlad: The Clarity Act can clarify what is a security and what is a commodity, which would save us a lot of legal and compliance costs. More importantly, it can prevent policy flip-flops due to administrative changes. Regardless of whether the bill passes, we will push forward with Robinhood Chain because it is global and permissionless. If clarity is high in the US, we'll push the US market; if clarity is low, we'll prioritize developing international business.
The Next Growth Areas: AI and Private Equity
Host: Looking ahead, what is Robinhood's third big opportunity?
Vlad: There are several directions. First is the launch of Social features; second is the popularization of prediction markets. But the biggest transformation might come from AI. We are thinking: how could an "AI agent," like a family office, run your entire financial life? From automatically managing savings to executing complex trading strategies. Additionally, we are also addressing the issue of retail investors being unable to access growth stocks (like Stripe, SpaceX) through Robinhood Ventures. We allow retail participation in IPOs through IPO Access and use our own capital to invest in late-stage private rounds. In the future, we hope even seed-round financing could include retail investors.
Host: Thank you, Vlad, for sharing. Robinhood has always been a leader in democratizing finance. The above does not constitute financial advice; cryptocurrencies are risky. Thank you for listening to Bankless.
