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USDG Robinhood (HOOD)'s new blockchain processed US$3.1 billion in decentralized exchange transactions in the first seven days of its launch. According to a research report released on July 13 by Bernstein analyst Gautam Jogani and his team, this achievement makes it one of the top five networks with the most active decentralized exchange (DEX) activity. The chain launched its public main network on July 1.
At the time of the report's release, more than 65,000 users had migrated assets to the network. The balance of stable coins on the chain reached US$300 million. Tokenized stocks cover more than 90 stocks with a total value of US$13 million. The total value of decentralized financial lockups on the chain exceeded US$100 million within 15 days of launch.
Arbitrum Layer-2 designed specifically for tokenized finance
Robinhood Chain is an Ethereum Layer-2 network built on Arbitrum that aims to support tokenized real-world assets and decentralized financial applications. The network supports round-the-clock transactions, self-custody, and on-chain use cases such as borrowing and using assets as collateral.
The chain has been integrated with Uniswap, Morpho, Lighter, Chainlink and BitGo. Through the partnership with Morpho, eligible U.S. users can lend USDG, a dollar-backed stablecoin, directly through the Robinhood app, and earn an annualized rate of return of up to 7%. Perpetual contracts are handled by Lighter, which has committed US$11 million in Lighter (LIT) tokens to incentivize trading activity on these contracts. Tokenized shares on the chain are available in more than 120 countries other than the United States and are traded 24 hours a day on decentralized exchanges.
On the day Bernstein released the report, Robinhood Chain ranked third among all networks in 24-hour DEX transaction volume, reaching $809 million. Only Solana and BNB Chain had higher values that day. Bernstein said that before the arrival of broader crypto-native liquidity, early transactions on the network were mainly driven by memoin. The broker expects Robinhood to shift its focus over time to tokenized stocks, commodities and perpetual contracts, supported by Bitstamp liquidity.
Tokenized stocks trigger competition model
Robinhood's tokenized stock model operates as follows: a sponsor purchases the underlying stock, deposits it in a protected account, and issues blockchain tokens against the position. These tokens were previously traded only within the EU and had limited uses, limited to price tracking. Now, the chain allows them to be used in loan pools and as collateral for transactions.
Also this week, Ondo Finance launched a competitive structure. The company described it as the first third-party tokenized security to comply with existing U.S. regulations. Ondo's model mints tokens through registered transfer agents and transfers shareholder rights directly to token holders. The company has tokenized an exchange-traded fund and a stock to demonstrate the structure.
Both releases come as the broader field of tokenized real-world assets continues to grow. The total market value of this category increased from US$35 billion at the end of 2025 to more than US$51 billion in July 2026, an increase of approximately 50%. During the same period, the market value of tokenized stocks expanded by approximately 170% to US$1.9 billion. 
The total number of real-world asset holders on the chain has exceeded 1 million, an increase of about 75% so far this year. Bernstein's report notes that Ethereum and Provenance together account for nearly 70% of such activity. Private credit accounted for the largest share in the sector with 48%, followed by U.S. Treasury bonds with 29%. Bernstein gave Robinhood shares an "outperform" rating with a price target of $130. The stock closed at $111.35 on July 13, down 0.6% on the day.
