Robinhood Chain Hits $431M in Three Weeks, Memecoins Drive 80% of Volume

Robinhood Chain targets real-world assets as a differentiator. The company launched Stock Tokens, debt instruments backed 1:1 by U.S.-custodied shares. That segment remains small. Data from RWA.xyz shows the market cap of tokenized stocks on Robinhood stands at $14 million, compared with $851 million on Ondo. FalconX said Robinhood's base of nearly 28 million clients could accelerate adoption of these instruments.

On the yield side, Robinhood Earn offers decentralized lending on the USDG stablecoin through vaults run by Morpho. As of July 19, the total Morpho market on the network hit $280 million, with a vault TVL of $194 million.

An insurance policy from Lloyd's of London and RELM covers cybersecurity events and smart contract failures. An incentive program through Merkl could sustain the target yield of 7% APY until vaults reach $2 billion in TVL, according to FalconX estimates.

Analysts at Bernstein raised Robinhood's price target to $160. They project Robinhood Chain, along with prediction markets and perpetual futures, will account for 18% of the company's total revenue by 2027.