Robinhood is entering the crypto ecosystem with its own blockchain, Robinhood Chain, a layer-2 network built on Arbitrum technology and active since July 1, 2026. The US broker listed on Nasdaq (HOOD) built its success on commission-free stock trading. On-chain growth in the first few weeks has been extremely rapid.

Robinhood’s DeFi Launch and Growth Among RWAs

DeFi has a metric that traditional finance does not: TVL (Total Value Locked), meaning the total value deposited in the network’s protocols. On Robinhood Chain, TVL stands at $483.93 million, according to DeFiLlama, up 2.46% over the past 24 hours.

The stablecoins present on the chain are worth even more, with a market capitalization of $582.27 million. This figure is higher than TVL because some of the dollars are circulating without being deposited in protocols. Stablecoin market capitalization has increased by $47.74 million over the past 7 days, equal to 8.93%.

Robinhood-branded tokenized stocks, meanwhile, are worth $28.9 million, according to rwa.xyz. For every dollar invested in tokenized stocks, approximately 20 are therefore held in stablecoins. For now, at least, the sector that is truly growing is liquidity in digital dollars.

The Two Stablecoins Dominating Robinhood

Paxos’ Global Dollar, ticker USDG, leads the market with a market capitalization of $328.87 million and a dominance of 56.48%. Its monthly growth has reached 57.21%, the highest on the network. USDG is the in-house stablecoin that Robinhood uses as collateral for loans activated on the platform.

Ethena USDe follows at a distance, with a market capitalization of $253.39 million and monthly growth of 18.19%. USDe is a synthetic dollar that generates yield and comes from outside the network—a more mobile form of capital pursuing yield, meaning the percentage return offered to depositors. Both coins maintain a stable peg, with deviations from the dollar of just +0.02% and -0.04%, and never exceeding 0.3% over the past month.

Tokenized Stocks Remain Small but Are Accelerating

Adoption figures for tokenized stocks remain small in absolute terms but are growing at a solid pace. The distributed assets number 95, and their total value has increased by 128.8% over 30 days. The number of holders has risen to 422,616, an increase of 691.82% over the same period. The volume transferred over the past 30 days has reached $1.67 billion.

The largest token is Nvidia, with $3.86 million and 36,067 holders, followed by SpaceX, Apple, and Tesla. The average value per holder, however, is only around $68, indicating purely retail adoption consisting of very small amounts. It is important to remember that these tokens are not actual stocks, but instruments that replicate their price.

The Three Sides of Robinhood Chain

Today, most of the capital on Robinhood Chain is sitting in stablecoins, while tokenized stocks remain a minimal portion of the total. The chain is also seeing speculation in memecoins, fueled by Uniswap’s TradePools launchpad. Volumes on decentralized exchanges, or DEXs, exceed $600 million per day. The key signal to monitor over the coming months is the ratio between stablecoins and tokenized stocks. If these categories continue to grow, particularly tokenized stocks, analysts’ thesis on tokenization will be confirmed by the numbers. Until then, growth is being driven by stablecoins.