Robinhood Chain TVL soars 45% in August, stablecoins lead

Robinhood Chain's TVL surged 45% in August to $540M, driven by stablecoins. RWAs rose 120% to $32M but now comprise just 6% of TVL. Fee revenue hit $5M in a month.

Robinhood Chain saw its total value locked (TVL) surge by over 45% in August, surpassing $540 million. This impressive growth was primarily fueled by stablecoin inflows, with the stablecoin market cap rising 22% to reach $640 million. Ethena's USDe stablecoin led the way, climbing nearly 50% to $286 million and now representing 44% of all stablecoins on the chain. In contrast, the native USDG stablecoin remained stagnant, fluctuating between $330 million and $350 million. Tokenized real-world assets (RWAs) also experienced significant growth, increasing 120% month-over-month to $32 million. However, their share of TVL dropped sharply—from nearly a third on July 7 to just 6% by the end of August. This indicates that TVL expanded about seven times faster than RWAs during the month. Additionally, Robinhood Chain generated $5 million in cumulative fee revenue in just over a month since its launch, reflecting rapid early network activity and adoption. The shift in capital concentration underscores the dominant role of stablecoins and the relative decline of tokenized RWAs on the chain.