Robinhood Chain assets near $2B market cap less than a month after launch

Robinhood’s blockchain bet is paying off faster than most people expected. According to data from Arbdata, the total market cap of assets on Robinhood Chain has climbed to roughly $1.87 billion, with Dune dashboard estimates pushing that figure closer to $1.94 billion. For a network that only launched its public mainnet on July 1, that’s a remarkable pace. The figure reportedly grew around 33% in a single week, driven by a mix of stablecoins, tokenized equities, and crypto-native activity. What’s actually sitting on the chain The bulk of Robinhood Chain’s market cap comes from stablecoins, which account for somewhere between $928 million and $965 million depending on the data source. RWAs on the chain are valued at roughly $143 million to $149 million, encompassing 194 tokenized stocks and ETFs available through Robinhood’s infrastructure. By late July, the value of tokenized equities alone had grown approximately fivefold to around $70 million. That means you can trade shares of companies like NVIDIA around the clock in a decentralized format, with each token backed by custodial holdings. Total value locked on the protocol sits at approximately $1.41 billion. The protocol ecosyste...