Everyone should be able to access high-quality financial assets, wherever they live. That's what tokenization unlocks: taking the best of US capital markets and making them available on a global scale. The industry is still small compared with global finance, but the advantages are becoming harder to ignore. Traditional market infrastructure was built around fixed hours, closed networks and layers of intermediaries. It was never designed for 24/7 execution, programmable assets, composability or self-custody. The needs of investors have moved faster than the rails underneath them. We're working to change that. What gives me confidence is seeing how many different people are now pushing this industry forward. Founders are building new products, LPs are bringing liquidity, traders are finding new uses, and infrastructure teams are making the whole thing work. It's a privilege to be in the trenches with all of you. We are still early, and there is a huge amount left to build. It will also take time and effort for the old guard to get onboard. This is worth fighting for.

Robinhood started by serving a generation of first-time investors. Now those customers are building wealth and their financial needs are growing with them. A few weeks after launching Trust Accounts, customers have already deposited over $150M, with an average account size of ~$500K. We want to serve them for their entire financial lives.