Robinhood plans to add in-kind redemption and voting capabilities to its Stock Tokens, addressing two major limitations of the product. Launched in July 2026 by Robinhood Assets (Jersey) Limited as tokenized debt securities, the tokens trade on Robinhood Chain, an Arbitrum-based Ethereum Layer 2 network, and provide 1:1 economic exposure to more than 190 US equities and ETFs without transferring ownership of the underlying shares. A US custodian holds the equities, while token holders receive dividend equivalents through an on-chain multiplier that reinvests distributions into additional underlying shares. In-kind redemption would let holders exchange tokens for the actual securities instead of selling on the secondary market or redeeming for cash or stablecoins. Voting rights remain unresolved because the issuer, rather than token holders, legally owns the custodied shares. The product is unavailable to US persons and residents of several jurisdictions, including the UK, Canada, and Switzerland.