Robinhood Chain Surges Past $900M in TVL on Meme Coins and Stablecoins

Robinhood's proprietary blockchain, launched in July, has reached approximately $900 million in total value locked (TVL), nearly hitting record highs. The chain's decentralized exchange (DEX) trading volume over the past seven days totaled roughly $11.1 billion, up more than 30% week-over-week.

However, the activity on the chain is driven by meme coins and yield-seeking stablecoins, not stock tokens as initially envisioned. According to Robinhood, assets deposited into stock tokens amount to just $150 million, a small fraction of the chain's $900 million total.

The surge in trading volume has drawn attention to controversies surrounding stock tokens. Speculative money flooded into an unauthorized token impersonating shares of Chinese company Farmmi, causing the actual Nasdaq-listed stock to briefly surge more than fourfold. The CEO of AMC Entertainment requested that Robinhood halt trading of unapproved stock tokens, a request the company declined.

As competition for leadership in stock tokens accelerates, Robinhood's presence is limited, with market players such as Ondo Finance and Binance's bStocks holding significant shares.