Robinhood Chain scores strong debut, Bernstein says

Robinhood’s (HOOD) new blockchain has posted a strong debut, quickly emerging as one of the busiest networks for decentralized trading and reinforcing the broker’s strategy to expand tokenized financial products, Wall Street broker Bernstein said in a Monday research report.

Since launching its mainnet on July 1, Robinhood Chain has generated $3.1 billion in decentralized exchange trading volume over the past week, making it a top-five chain by DEX activity, the broker said. More than 65,000 users now hold around $13 million in tokenized stocks and $300 million in stablecoins on the network.

“Strong early adoption highlights the growing convergence of tokenized real world assets with the broader DeFi ecosystem, as industry participants continue to innovate across multiple business models for regulated asset tokenization,” wrote analysts led by Gautam Chhugani.

Robinhood launched the public mainnet of Robinhood Chain on July 1, an Ethereum layer-2 blockchain built on Arbitrum that’s designed for tokenized real-world assets and decentralized finance.

The network underpins the firm’s tokenized stock offering, enabling 24/7 trading, self-custody and onchain use cases such as lending and collateral, while supporting integrations with decentralized applications and liquidity providers.