jakiro
Author: Big and Big Orange; Source: X, @0xVeryBigOrange
Conclusion first: The amendment case for tokenized securities trading rules submitted by Nasdaq is a “long-term, substantial, significant” benefit to Robinhood (HOOD).
The core of this rule revision: to include tokenized securities in the main board trading and regulatory framework, which is equivalent toCompliance upgrade and supply expansion of upstream infrastructure.
Competition and symbiosis: Two-dimensional perspectives on relationships
Competitive Point
1. Order flow: The motherboard can directly trade tokenized securities, and some retail transactions may shift from broker side (such as HOOD) to motherboard matching, forming channel competition.
2. Right to speak: Nasdaq seeks to become the underlying standard/infrastructure of tokenized finance; HOOD strives to be the first entrance and operation platform for users – this is a battle for ecological niches.
Symbiosis point
1. HOOD is still the “big customer” of the exchange: Brokers route orders and pay fees to the exchange, and this broker-exchange relationship remains unchanged.
2. HOOD acts as a distribution channel: What Nasdaq needs is trading volume and liquidity; tens of millions of HOOD users can be directed to tokenized targets, and both parties benefit each other.
3. Positioning misalignment and complementary advantages: Nasdaq is biased to B infrastructure and rules; HOOD is biased to C retail services and product experience.
Direct impact on HOOD
Big logic (good news)
–Compliance supply expansion and liquidity is more concentrated→ The trading asset pool is larger and the transaction is smoother.
–Settlement and company behavior process is smoother→ Reduce operational frictions and improve user experience.
–Potentially extended trading sessions/higher availability→ Same frequency with HOOD’s “one-stop financial supermarket” strategy.
Marginal pressure (need to deal with)
– Now that tokenization has become the standard in the industry,The first-mover difference in HOOD (EU stock tokens/encryption stack) is partially diluted.
– Need to beProduct experience, Robinhood Social, rate structure, financing/borrowing and cash managementContinue to widen the gap and consolidate user stickiness and account relationship.
One sentence positioning: Treat Nasdaq as ** “upstream venues and rule makers” and treat HOOD as “downstream retail distribution and account relationship owner”.Unless HOOD builds its own “homogenic tokenized securities matching”, the two are more complementary; even if there is competition and cooperation, they are mainly concentrated in the single track of the matchmaking level, and will not change the “broker-exchange” layering pattern.
The perspective of dollar hegemony
This wave is more like “moving the US dollar market infrastructure to the chain”: assets and processes denominated in US dollars are reconstructed on the chain, forming a watershed of “US dollar-priced assets vs non-US dollar-priced assets”.Long-term view,The relative attractiveness of non-USD-priced assets may be continuously diluted.
Friends, embrace the bubble!I am a firm person who does not hold fiat currency and fixed assets, and only allocates Bitcoin, Ethereum and a few US and Hong Kong stocks.
Many people say that these assets have risen too much, their valuations are too high, and it is time to pull back, but I insist: under the continuous global inflation, a long-term bull market for valuable assets is inevitable.For those who are timid choose gold and those who can withstand risks, Bitcoin, Ethereum and high-quality US stocks are the best choices.
