Robinhood Chain Turns 100 Days Old With $15 Billion in Tokenized Stock Volume

Robinhood Chain just turned 100 days old, and the numbers are not subtle: $15 billion in cumulative tokenized stock trading and 200,000 holders.

The volume is real

Robinhood captured roughly 42% of all on-chain equity trading volume in September, about $6.57 billion. That is up from a 9.7% share, and it pushed former leader bStocks down to $5.42 billion. Across the whole market, on-chain equity trading hit a record $15.6 billion in September, up 16.4% from August.

The chain is an Ethereum Layer 2 built on Arbitrum's Orbit stack, using ETH for gas and targeting 100-millisecond block times. It crossed $100 million in total value locked within two weeks of its July 1 mainnet launch.

Where the deposits actually sit

Lending, not stocks, is carrying the balance sheet. Morpho's dashboard shows about $1.1 billion deposited on the network, with $600.9 million locked and $478.4 million in outstanding loans. Each stock token is backed 1:1 by equity held in custody, so holders get price exposure to US stocks and ETFs rather than a direct claim on the shares.

Zoom out and the opportunity is still small: the broader tokenized real-world asset market, excluding stablecoins, sits at roughly $38.6 billion. Equities are the fastest-moving slice of it.

Why this matters if you trade

The regulatory runway is narrow but real. The SEC's September exemptive orders created a permissioned path for tokenized securities venues, with issuer notice and a 30-day opt-out, running until at least 2031. For traders, this is a corporate chain with real DeFi plumbing — Morpho lending, Uniswap liquidity, perpetuals through Lighter — instead of a walled garden.

The catch: Robinhood's gas subsidy for wallet-routed transactions expired in late September. The next 100 days will show how much of that $15 billion was organic rather than subsidized.