Robinhood Chain RWA trading volume exceeds $390 million, and memin-stock trading pairs surge

Robinhood Chain's daily trading volume of RWA-linked tokens hits a record of US$390 million

Driven by new highs for both memocoin-stock trading pairs and tokenization stock activity, the daily trading volume of real-world assets (RWA)-linked tokens on Robinhood Chain has reached US$390 million, setting a historical record.

Summary

According to data compiled by online researcher Adam Tehc, the volume of RWA-related transactions on Robinhood Chain reached a record US$390 million. The meme-stock trading pair contributed $217 million in daily trading volume, while tokenized stocks contributed another $127 million. The total market value of tokenized RWA assets on Robinhood Chain has exceeded US$84 million. After initially appearing with the Robinhood tokenized stock market, the meme-stock trading pair has now become the main source of activity on the network.

Robinhood Chain RWA transaction volume reaches US$390 million.

The latest data shows the changes in Robinhood Chain's trading composition since its online launch in July. Robinhood launched the Public Mainnet on July 1, a second-layer Ethereum network built based on Arbitrum technology. Tokenized stocks are one of the core components of its on-chain product strategy.

Eligible users in more than 120 countries can access tokenized stocks, as well as decentralized financial products and perpetual contracts through Robinhood Wallet. The network initially launched about 95 tokenized stocks. Its stock tokens allow qualified users outside the United States to gain corporate price exposure through assets that can interact with decentralized applications.

However, trading activity quickly revolved around another type of asset. In the first few weeks of online launch, memin accounted for the vast majority of trading volume on decentralized exchanges (DEX). FalconX data released in July showed that even if Robinhood continues to build a network around tokenized real-world assets, the memecoin category still accounts for more than 80% of DEX transactions.

Memocoin-stock trading pairs create new source of trading volume

The relationship between memoin and tokenized stocks began to change in mid-July, as apps began combining these two asset types into the same market. Bankr and long.xyz allow users to leverage the tokenized stock liquidity of more than 90 tickers on Robinhood Chain to issue memes. Subsequently, a liquidity pool that paired memoin with tokenized versions of companies such as Nvidia, Tesla, Intel and Roblox emerged in online active markets.

By late July, this meme-equity liquidity model had helped Robinhood Chain overtake Solana in tokenized stock trading volume. The structure does not rely on stablecoins or ETH as the other end of the trading pair, but rather allows tokenized stocks to serve as liquidity for speculative tokens, so trading of these memes can generate transactions involving paired stock tokens. The daily trading volume of the memecoin-stock trading pair recorded a record of $217 million, exceeding the $127 million for the tokenized stock itself.

RWA-related transactions on Robinhood Chain totaled $390 million, including the above categories and other activity tracked by the dashboard. Early activities looked very different-in the first few weeks after launch, tokenized assets accounted for only a small portion of the network's value, while memoin dominated transactions. One of the biggest early examples was CASHCAT, a community meme coin with no official connection to Robinhood, which reached a market value of approximately US$156 million when its initial surge, at one point exceeding the total value of tokenized RWAs available on the chain at the time. In the first week of its launch, the network had transaction volume of US$570 million and liquidity of US$21.68 million, of which memin transactions accounted for most of the activity.

Tokenized stock trading continues to expand

Equity-related activity grows along with speculative markets. As of July 27, Robinhood had accumulated approximately 328,000 tokenized equity holders, accounting for approximately 44% of the 752,000 holders tracked by the five major tokenized stock platforms at the time. However, the value held on Robinhood is still smaller than several competing platforms-in this comparison, Robinhood has approximately $44 million in tokenized assets, compared with $857 million for Ondo and $487 million for xStocks.

During August, secondary market transactions continued to rise. Uniswap founder Hayden Adams said in late August that the total trading volume of stock tokens on Robinhood Chain reached US$1 billion for the first time. Since Robinhood Chain was launched, Uniswap has served as the network's main public automated market maker, providing a market where tokenized assets can be traded directly on the chain without having to stay within Robinhood's brokerage interface.

Robinhood stock tokens remain closed to U.S. investors. The company constructs its classic stock tokens as derivatives contracts under MiFID II, in which the holder receives price exposure to the reference asset, but does not own the underlying stock or enjoy shareholder rights such as voting rights. Robinhood said the assets supporting the contracts were held in custody by a U.S. licensed institution.

RWA market value exceeded US$84 million.

The latest US$84 million RWA market value has increased significantly compared to the network's first few weeks. In mid-July, the value of tokenized real-world assets on Robinhood Chain was approximately $12.8 million, of which tokenized stocks were close to $10.7 million, and the rest of the value was distributed among assets such as tokenized ETFs, commodities, and U.S. Treasury bonds. At the time, although tokenized RWA was one of the main products for network launches, it accounted for only a small portion of the activity.

As of the end of July, Robinhood Chain had processed more than $12 billion in DEX transactions and more than 150 million transactions. These data were cited by Bernstein, the research firm maintains its "outperform" rating and a price target of $160 on Robinhood Markets. The network runs using Arbitrum's Orbit stack and settles transactions to Ethereum, with ETH as its Gas asset, and Robinhood does not issue native Robinhood Chain tokens.

Robinhood Markets operates sorters, while applications build and deploy markets on the web. Under the Arbitrum expansion plan, 10% of Robinhood Chain's net agreement revenue will be returned to the Arbitrum ecosystem. As of the end of July, the network had generated more than $2 million in cumulative revenue, with approximately $200,000 sent to Arbitrum under the arrangement.

As meme-equity trading evolves to become one of its largest sources of daily RWA-related trading volume, Robinhood Chain continues to operate through its on-chain ecosystem, providing tokenized stocks, lending markets, decentralized exchanges and perpetual contracts.