Robinhood Chain's stablecoin supply doubled to $270M in its debut week, driven by USDG deposits earning 7% APY. The network also saw $500M in daily Uniswap volume.
Robinhood Chain's stablecoin supply reached $270 million in its debut week, about twice the level seen at launch. The Ethereum Layer-2 network, built on Arbitrum Orbit technology, went live on July 1 with an initial stablecoin pool of roughly $130 million.
The bulk of the growth came from USDG, a Paxos-issued dollar-pegged token. USDG supply on Robinhood Chain sat near $212 million shortly after the mainnet launch and climbed into the $260 million to $270 million range within days, according to on-chain data. That represents a 100% to 155% increase depending on the exact starting point.
Robinhood launched a lending product called Robinhood Earn that offers about 7% annual percentage yield on USDG deposits. The yield is generated through Morpho vaults, and the product carries insurance from Lloyd's of London, the company said.
Other metrics also grew quickly. ETH holdings on Robinhood Chain rose roughly five times since the mainnet launch. Uniswap trading volume on the network exceeded $500 million in a single day.
The chain features 100-millisecond block times and integrated Chainlink oracles from launch. The testnet processed over 200 million transactions before the mainnet went live.
Robinhood Markets (HOOD) also made the chain compatible with tokenized stock tokens for companies like NVIDIA, Google, and Apple, letting users trade on-chain versions of traditional equities.
The move puts Robinhood in direct competition with Coinbase's Base network, which launched in 2023. Where the two companies previously competed on the brokerage side, they now vie for on-chain liquidity and developer attention. Robinhood's stablecoin supply in week one puts it ahead of most rival Layer-2 networks at the same stage of their lifecycle, according to data from DeFi Llama.
The network processed over 200 million testnet transactions before the mainnet went live.
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