Johann Kerbrat, head of crypto at Robinhood, confirmed that the platform's stock tokens are backed by actual underlying equity rather than functioning as price-tracking derivatives. Speaking at Korea Blockchain Week 2026, Kerbrat clarified that when users trade these tokens, they hold assets corresponding to real company shares. Robinhood executes this model by purchasing the actual stocks associated with each token and holding them in custody. This structure ensures that token holders have exposure to genuine equity assets, distinguishing the product from synthetic instruments that merely replicate price movements without ownership of the underlying security.