Robinhood put stocks on a permissionless blockchain- memecoin traders are stress-testing what happens next

Memecoins paired against Robinhood's tokenized stocks generated $217 million of trading volume on Robinhood Chain on Sept. 2, according to data compiled by on-chain researcher Adam Tehc.The volume outpaced the $127 million that traded through direct stock token markets that same day. Traders are using tokenized Nvidia or Hims & Hers shares as the plumbing for a memecoin economy Robinhood never designed.Robinhood describes stock tokens as ERC-20 tokenized debt securities that give holders economic exposure to an underlying stock without legal or beneficial ownership in the issuer.New supply comes from a single authorized participant, identified at issuance as BBVI, which alone can mint tokens once onboarded. Everyone else trades, pools, and builds with the tokens already in circulation, permissionlessly and without Robinhood's direct involvement.Activity typeSept. 2 volumeWhat it showsMemecoin pairs using stock tokens$217MStock tokens are being used as trading infrastructure for speculationDirect stock token markets$127MTraditional “buy the tokenized stock” activity was smallerDifference+$90MMeme-stock-token pairs generated about 71% more volume than direct stock-token tradingRa...