Robinhood Chain, launched two weeks ago, has surpassed $135 million in total value locked (TVL), with meme coin trading volume far outpacing RWA transactions.

Robinhood’s Ethereum Layer2 network, Robinhood Chain, launched on July 1, has seen its total value locked (TVL) rise to roughly $135 million in less than two weeks since going live. The chain now has nearly 800,000 cumulative active addresses and 3.6 million daily transactions, ranking it among the most active new public blockchains in the crypto market. However, its actual on-chain use has deviated significantly from its original positioning as a platform for tokenized stocks. Currently, the scale of tokenized real-world assets (RWA) on the chain is only around $12.81 million, of which tokenized stocks account for approximately $10.68 million. Meanwhile, CASHCAT, a meme coin named after Robinhood’s former mascot, has surged 2158% over the past seven days, boasting a market cap of $156 million — far exceeding the chain’s RWA scale and spawning a wave of Robinhood-themed meme coins. Data shows Robinhood Chain’s current stablecoin market cap is about $299 million, with USDG (co-issued by Robinhood) making up roughly $200 million. Robinhood CEO Vlad Tenev previously noted that the firm’s long-term goal remains building RWA infrastructure, though he also admitted “this chain is also very suitable for meme coin trading.”