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USDG Last week, trading activity on the Robinhood chain hit a new high, with the average daily transaction volume on the Internet reaching 11.6 million. This figure is about 30% higher than the previous week's average daily level and the highest since the network began recording.
During the same period, the chain's total lock-in value (TVL) also climbed to US$473 million, an increase of 32% from the previous week, mainly due to the rapid changes in the composition of stablecoins within the network.
However, growth in transaction volume and locked capital did not translate into substantial user growth. The number of daily active accounts in the Robinhood chain increased by only 3.3% month-on-month and is still 11% below the peak set on July 16, 2026.
Existing users trade more frequently than new ones flock to
The number of active accounts briefly soared after Robinhood launched Memin Cashcat (CASHCAT) on its app. However, this single-day growth did not significantly change the weekly average. In addition, the network's user base was basically flat.
The divergence between rising trading volume and stagnant number of active accounts reveals a specific dynamic: the same group of users in previous weeks are trading at a higher frequency, rather than the chain attracting new participants. The increase in transaction volume is because existing users are doing more, not because more users are arriving.
USDe replaces USDG as the dominant stablecoin
In the past month, the composition of stablecoins on the Robinhood chain has changed dramatically. Ethena's USDe currently has US$253 million on the network, accounting for approximately 43% of its total stablecoin supply. A month ago, USDe had only US$17 million on the chain, while Robinhood's own stablecoin USDG ranked first.
USDe is an interest-bearing synthetic dollar, which means that the capital deposited in it tends to precipitate rather than circulate. This behavior is consistent with the increase in total locked value on the chain and the stagnation of user numbers, indicating that most of the recent capital inflows are stored in USDe rather than actively circulating on the Internet.
