How Robinhood offers Stock Tokens in 120-plus countries without a broker's license in each: issuance from Jersey, a Cayman self-custody wallet and third-party trading venues. Plus the EU's two rulebooks, the U.K.'s 2027 crypto regime and the split between licensed home markets and offshore reach.

The same NVIDIA exists as six tokens from five issuers on five chains. A Robinhood Stock Token is a Jersey debt security backed by custodied shares, wrapped in an ERC-20 with freeze powers. Three types of stock token, issuer-sponsored, custody-backed and synthetic, decide where a token can go.

A chain built for stock tokens got about 646,000 memecoins first, while identifiable Robinhood app users made only 1–2% of trades. The two-curves framework explains why, what the first settlers left behind, and why weekly unique buyers of the NVIDIA token are the signal to watch.

Five technical switches held by a handful of players — Uniswap's hook router access, Robinhood Wallet routing, sequencing rules, stock token issuer powers and trading terminals — can reshuffle Robinhood Chain's launchpad market faster than any product launch.