One key difference between @krakenfx’s @xStocksFi and @RobinhoodApp is the price discovery of tokenized stocks. On the former, they are issued as SPL tokens on @Solana. Each @xStocksFi tokenized product is backed 1:1 by actual shares held by @BackedFi, ensuring a direct link to the underlying asset by offering the redemption option, where investors can redeem tokens for the cash equivalent of the underlying securities, which enables arbitrage as traders can buy stock tokens and redeem them for the cash value when the token price falls below the real stock price (significantly), or vice versa. Comparatively, @RobinhoodApp’s 200 tokenized stocks initially targeting European users. Unlike @krakenfx, Robinhood’s tokenized stocks can only be traded exclusively within their app. It seems that they control the price discovery process by setting prices based on the real stock prices, acting as the intermediary. These tokens, by contrast, can be best described as derivatives tracked on the blockchain that follow traditional stock and ETF prices. Robinhood is likely to use real-time market data to determine buy and sell prices, ensuring they mirror the underlying asset’s value. This centralized approach means price discovery is facilitated by Robinhood’s platform, with trading occurring 24/5, Monday to Friday