Robinhood Chain TVL surges 45% in August as tokenized RWAs lose ground

Total value locked (TVL) in Robinhood Chain has continued to post record numbers, now standing at over $540 million, up over 45% in August. From this, tokenized RWAs on the chain stand at $32 million, a 120% month-over-month growth.

Despite the growth of both TVL and tokenized RWAs, the ratio between them is the interesting part, as RWAs accounted for nearly a third of total chain TVL on July 7, but just 6% today.

This means that since the launch of the chain, TVL grew roughly seven times faster than tokenized RWAs, despite Robinhood presenting tokenized equities as the marquee use case.

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Meanwhile, the stablecoin market cap on the chain has reached ~$640 million, up over 22% month to date. The bulk of this growth has come from USDe, currently at $286 million, up nearly 50% from the start of August. USDe now makes up 44% of the Robinhood chain’s total stablecoins.

The growth of USDG has stalled in comparison, stagnating at $330-350 million in the same period. USDG is the house stablecoin, and it dominated the chain's first week at 92.7% of supply

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.