Robinhood Chain Hits Record Daily Trading Volume of $390M

Retail investing platform Robinhood's (HOOD) blockchain-based trading service, Robinhood Chain, has reached new heights in terms of daily trading volume and user-paid fees.

The platform's daily RWA-linked trading volume hit a record $390 million on September 2, with memecoin-stock pairs generating $217 million in daily volume and tokenized stocks adding $127 million. This represents a significant increase from the mid-July launch of Robinhood Chain, when its market cap stood at around $12.8 million.

The surge in trading volume is largely driven by the success of memecoin-stock pairs, which have become one of the most popular categories on the platform. These pairs allow users to trade speculative tokens backed by tokenized versions of major stocks like Nvidia and Tesla, rather than relying solely on stablecoins or ETH.

The growth in user-paid fees is also noteworthy, with Robinhood Chain posting a record $3.75 million in daily user-paid fees on September 2. This translates to around $377,000 going directly to the Arbitrum DAO treasury in one day.