Robinhood’s in-house blockchain has posted sharp growth since launching in mid-July, with total value locked reaching about $312 million, according to recent data from DefiLlama and Token Terminal. That marks nearly a threefold increase from its initial level. Meme coins and stablecoins still dominate decentralized exchange activity on the network, but tokenized stocks tied to real-world assets, or RWA, have started to scale quickly, pushing active market cap to roughly $70 million.
RWA market cap climbs close to fivefold
At launch, Robinhood Chain’s trading activity was centered mostly on speculative meme coin and stablecoin flows. RWA accounted for only 4% of total trading volume at that stage. After nearly two weeks of operation, the asset mix on the chain began to shift.
DefiLlama’s latest data show the chain’s active real-world asset market cap has risen quickly to around $70 million, close to five times its earlier level. Daily DEX volume on the chain is now above $600 million, while cumulative transaction count over the last 30 days has exceeded 138 million. Those figures place Robinhood Chain among the more active crypto networks.
Tokenized U.S. stock trading is concentrated in a few names
Within the tokenized equity segment, a small group of popular names is drawing the deepest liquidity. Tokenized GameStop (GME) ranked first with $26.6 million in daily trading volume, followed by Nvidia (NVDA) at $14 million.
SpaceX placed third at $6.4 million. Apple followed with $1.6 million, and Alphabet ranked fifth at $1.1 million. Across the platform, 12 tokenized stocks are now recording more than $500,000 in daily volume, and five of them are above $1 million a day. Total daily turnover for tokenized stocks stands at about $55 million.
Meme coin momentum cools as tokenized stocks gain traction
Early attention on Robinhood Chain was driven largely by meme coin trading, but that activity is now going through a structural cooldown. CASHCAT, a community meme coin named after Robinhood’s former domain, surged more than 1700% after Robinhood CEO Vlad Tenev followed its social media account. It later fell about 75% from its peak.
Three weeks ago, the market had questioned whether the infrastructure Robinhood spent to build could attract anything beyond speculative capital. The latest figures now show that while stablecoins remain the largest asset class by issuance on the chain, tokenized stocks have already built up trading activity worth tens of millions of dollars. As the platform continues bringing retail users into its on-chain ecosystem, the growth path of RWA is increasingly lining up with Robinhood’s original tokenization plan.