Robinhood Chain TVL Jumps More Than 45% in August as Tokenized RWA Share Shrinks to 6%

Robinhood Chain’s total value locked, or TVL, has surged more than 45% so far in August, even as the share of tokenized real-world assets, or RWA, once touted as the chain’s core use case, has narrowed sharply.

Crypto media outlet The Block reported on August 17 that Robinhood Chain’s TVL has climbed above $540 million, setting a record high. Over the same period, tokenized real-world assets on the chain rose 120% from a month earlier to $32 million.

The difference in growth rates is striking. Tokenized real-world assets accounted for about one-third of total TVL as of July 7, but now make up just 6%, The Block reported. That means TVL has grown about seven times faster than tokenized real-world assets since the chain launched, diverging from Robinhood’s push to position tokenized stocks as the chain’s main use case.

The chain’s stablecoin market has also expanded rapidly. Stablecoin market capitalization has risen more than 22% this month to about $640 million. Of that total, Ethena’s USDe accounts for $286 million, or 44%, up about 50% from early August.

By contrast, growth in Robinhood Chain’s native stablecoin USDG has stalled. USDG made up 92.7% of supply in the chain’s first week after launch, but has since moved sideways in a range of $330 million to $350 million.