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Robinhood Chain turns to memecoins, leaving tokenized stocks a small share

Since launching July 1, the network has drawn about $135 million in value locked and $3.1 billion in weekly DEX volume, while tokenized real-world assets total about $12.8 million.

Reported · Written up by our desk · Market Structure

CoinDesk reports that Robinhood Chain, an Ethereum layer-2 launched on July 1 to host tokenized stocks and other real-world assets, has seen rapid early growth, but memecoins have become the dominant activity. According to CoinDesk, the chain has about $312 million in total value locked and roughly 3.6 million daily transactions. Tokenized real-world assets account for only about $12.8 million of that total, including around $10.7 million in tokenized stocks, with the remainder split across commodities, tokenized ETFs, and a $410,000 allocation to U.S. Treasuries as of Monday morning.

CoinDesk says memecoins are driving the standout figures, with the cat-themed token CASHCAT up 2,158% over the past seven days and holding a $156 million market cap. By contrast, the tokenized-equity footprint remains small even as the network ranks among the top three networks for decentralized exchange trading volume over the past week, generating $3.1 billion in volume.

CoinDesk also notes that Robinhood’s tokenized-stocks pitch centers on a more regulated venue for real-world assets, but the chain’s trajectory now depends on whether speculative memecoin traders broaden into using its tokenized equity and RWA offerings. The outlet draws a comparison to Coinbase’s Base network launch in 2023, where memecoin and trading activity similarly overshadowed the original use case early on.

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