Robinhood Chain’s total value locked has surged past $540 million in August, marking an increase of more than 45% for the month and setting a new record, according to data highlighted by The Block and CoinCentral.
Tokenized real-world assets on the chain climbed to $32 million, a 120% month-over-month increase. However, their share of total TVL has fallen sharply: RWAs accounted for nearly a third of TVL on July 7 but now represent only 6%. Since the chain launched, TVL has grown roughly seven times faster than tokenized RWAs, even though Robinhood has presented tokenized equities as the network’s marquee use case.
Stablecoin inflows are driving the bulk of expansion. The stablecoin market cap on Robinhood Chain reached around $640 million, up more than 22% month to date. Ethena’s USDe jumped nearly 50% from the start of August to $286 million, making up 44% of all stablecoins on the chain. In contrast, Robinhood’s own USDG stablecoin has stagnated between $330 million and $350 million after dominating 92.7% of stablecoin supply in the chain’s first week.
The shift suggests that stablecoin usage, particularly USDe, is currently a bigger growth driver than tokenized RWAs on Robinhood Chain. Whether tokenized assets can close the gap remains an open question.
