Bernstein analysts say the rising appetite for trading tokenized stocks could push Robinhood Chain’s annual fee revenue to a massive $160 million by 2028. That’s their estimate for what the chain could rake in from network fees if activity in the tokenized securities space keeps heating up.

What Bernstein Is Predicting

According to their research, the main catalyst is investors piling into tokenized stocks, which could drive up trading volume—and with it, network fees. Bernstein’s target number: $160 million a year in fees by 2028.

What Could Drive Fees Higher

When demand for tokenized assets takes off, it usually means more trades and more on-chain activity. In that environment, network fees climb thanks to the sheer number of transactions and the extra infrastructure services needed to keep things running. If the hype for tokenized trading sticks around and expands, Robinhood Chain’s fee streams could really take off.

What This Means for the Market

If Bernstein’s scenario plays out, it could make Robinhood Chain’s economics a lot stronger and heat up competition among platforms offering tokenized assets. Of course, this is just a forecast—Bernstein’s numbers reflect what their analysts expect, not a guarantee of what’s to come.