Robinhood Wallet users can now have stock token swaps filled through Arcus after the wallet integrated the exchange’s trading API, Arcus said Thursday. The new route gives eligible users in supported jurisdictions access to more than 190 tokens.
Stock Tokens have been available in Robinhood Wallet since Robinhood Chain launched on July 1. They trade around the clock. Arcus has argued that tokenized assets whose fair value is set in another market, on a different schedule, are not well served by either traditional order books or automated pools.
Why Arcus says its model fits stock tokens
In July, Arcus wrote that a resting order placed on Friday afternoon can be stale by Sunday night. It also said that relying only on automated pools causes prices to follow a formula rather than information.
Arcus uses a request-for-quote system instead. A trader asks for a price, professional market makers send back binding quotes, and the best combination settles in a single transaction or does not settle at all. Robinhood Wallet can source liquidity from Arcus alongside other routing providers for these swaps, Arcus said.
In Robinhood’s July announcement, the company listed Uniswap, Rialto, Lighter, Arcus, and 1inch as exchanges through which wallet users would trade the tokens.
Arcus, Robinhood Chain, and Robinhood Crypto
Arcus comes from the team that built dYdX. Robinhood Crypto is a strategic investor in Arcus, and the exchange launched exclusively on Robinhood Chain.
In Arcus’s announcement, Johann Kerbrat, Robinhood’s senior vice president and general manager of crypto and international, said Robinhood Chain was purpose-built to advance onchain RWA adoption. He added that platforms such as Arcus are central to that effort because they bring liquidity and execution infrastructure into Robinhood Wallet.
Points program and wallet features
Arcus also opened a points program on Thursday. It said a Robinhood Wallet swap executed through Arcus will be eligible for boosted Arcus points. In its release, though, Arcus used more cautious wording and said a user may be eligible for Arcus Points.
Arcus also said limit orders on Stock Tokens will be available to wallet users through Arcus in the wallet’s dapp browser.
Invite-only access and trading activity
Since launching in July, Arcus said it has handled more than $5 billion in volume across spot and perpetual markets from more than 15,000 traders. It also reported a peak day above $500 million, while its Stock Token list expanded from more than 90 to more than 190.
Its points post describes the first three months as a private beta that required a manual whitelist. Starting Thursday, new traders need an invite code. Arcus added leveraged tokens in August.
How Robinhood describes Stock Tokens
Stock Tokens are not available in the U.S. Robinhood describes them as debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure to underlying securities, but they do not grant investors any legal or beneficial rights in those securities.
CEO Vlad Tenev said in September that in-kind redemption and voting are coming.