Robinhood plans to let eligible Stock Token holders redeem their instruments one-for-one for underlying shares and vote those shares, CEO Vlad Tenev and Robinhood Crypto General Manager Johann Kerbrat said on Monday. The proposed changes would alter products currently structured as Jersey-issued tokenized debt securities that provide cash-settled price exposure without direct shareholder rights. Robinhood says each newly minted token is backed by one real share held in custody, while its disclosures allow shares to be lent and state that tokens linked to lent shares are instead collateralized. Stock Token total value locked has surpassed $170 million, and decentralized-exchange volume on Robinhood Chain is approaching $50 billion, although the volume figure covers broader chain activity.