Who is winning on Robinhood Chain

Since launching our Tokenized assets page in November, Token Terminal has expanded coverage to 6.5k assets, spanning stablecoins, tokenized funds, tokenized commodities, and tokenized stocks, across $343.3b in combined market cap. Over that period, tokenized funds grew 30.8%, commodities 129.6%, and stocks 421.9%.

Despite that growth, the opportunity for tokenization remains massive. Stablecoins represent roughly 0.3% of the global money supply (M2), tokenized funds around 0.03% of global assets under management, commodities around 0.01% of gold, copper, and silver markets, and tokenized equities just 0.002% of global public equities.

We believe that tokenization gives consumers better access to high-quality assets, and creates new business for (1) DeFi venues, (2) asset issuers, and (3) blockchains. This newsletter examines that through Robinhood Chain, an Ethereum L2 built for tokenized real-world assets, which launched in July.

1) DeFi venues

• Uniswap has settled $2.6b in tokenized stock trading volume in two months. Three assets, NVDA, SPY, and SPCX, account for 56.8% of it. All three are among the world's most in-demand assets, and broadly bets on technology. Uniswap needed 83 days on Unichain and 223 on Base to reach $2.6b in cumulative volume, yet on Robinhood Chain, Uniswap has done it in 62 with only tokenized stocks. Over the same period, Uniswap has generated $70.8m in fees on Robinhood Chain, showing how a chain built for tokenized assets brings venues new fees.

2) Asset issuers

• USDG, a stablecoin issued by Paxos, has added 193.8k holders on Robinhood Chain in just two months. That is 58.9% of all USDG holders, more than X Layer, Solana, Ethereum, and Ink combined. USDC needed 91 days on Solana and 110 on Base to surpass 150k holders, yet USDG has done it on Robinhood Chain in 59. Over the same period, USDG's market cap on the chain grew to $544.0M, showing how a chain with existing distribution and a focus on tokenized assets can help issuers reach new holders.

3) Blockchains

• Robinhood Chain has generated $18.7m in revenue since launching 62 days ago, with a record $4.6m on September 2. That single day accounted for 24.6% of its cumulative revenue, while the past seven days annualize to $660.4m. Arbitrum One needed 232 days and Base 257 days to reach $18.7m in cumulative revenue. Robinhood Chain did it in 62. The record day creates a high baseline, but Robinhood has 28.5m funded customers it can try to bring onchain. Under its Arbitrum license, the chain pays 10% of protocol net revenue to the Arbitrum ecosystem after Ethereum settlement and data-availability costs. Robinhood retains the remaining 90% before its other operating expenses. This highlights the potential scale and margins of the chain as a new business line.

Platform updates

• Listed Revolut Euro (EURR) on Ethereum and Polygon, with Bridge as issuer and Revolut as distribution partner. EURR is a 1:1 Euro-pegged e-money token (EMT) regulated under MiCA, the European Union’s legal framework for regulating stablecoins, crypto-assets and their service providers across all member states.

  • Issuer: Bridge Building S.A., the Luxembourg arm of Stripe-owned Bridge, holds the license and manages the reserves.

  • Regulator: the CSSF, Luxembourg’s financial authority, supervises Bridge Building as an electronic money institution.

  • Distributor: Revolut Digital Assets Europe Ltd, a MiCA crypto-asset service provider overseen by CySEC in Cyprus.

• Added HyperEVM deployments for 979 xStocks. xStocks is now tracked on Token Terminal across seven chains (six EVM networks and Solana). xStocks went live on Hyperliquid in August 2026 to give traders 24/7 spot markets in U.S. stocks, and on HyperEVM the tokens can be used as collateral for lending and borrowing, turning them into productive financial instruments.

Interested in getting listed? Read more here.

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