Robinhood built a blockchain for tokenized stocks. Memecoins took over

TechRobinhood built a blockchain for tokenized stocks. Memecoins took overRobinhood Chain has pulled in $135 million of value and 800,000 addresses since July 1. Almost none of it is doing what the chain was built for.By Shaurya Malwa|Edited by Aoyon Ashraf Jul 13, 2026, 3:17 p.m. 4 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowRobinhood Chain, an Ethereum layer-2 launched July 1 to host tokenized stocks, has quickly become one of crypto’s busiest new networks, with about $312 million in total value locked and 3.6 million daily transactions.Despite Robinhood’s pitch of a regulated venue for tokenized real-world assets, those assets account for only about $12.8 million on the chain, while memecoins like CASHCAT and stablecoins dominate activity and market value.The chain’s future hinges on whether speculative memecoin traders convert into users of its tokenized equity and real-world asset offerings.Robinhood Chain, the blockchain network built by the popular trading app to power tokenized stocks, has become one of the busiest new chains in crypto. But despite being built around tokenized stocks and other real-world assets (RWAs), speculative memecoin trading has so far become the network's defining use case.A cat-themed token called CASHCAT, named after Robinhood's former mascot before the company rebranded, has surged 2,158% over the past 7 days, and the memecoin has a $156 million market cap. By comparison, tokenized real-world assets on the chain are worth just $12.81 million, of which $10.68 million is stocks, with the rest split across commodities, tokenized ETFs and a $410,000 sliver of U.S. Treasuries as of Monday morning.The contrast comes as the chain has posted explosive early growth since it officially went live on July 1.Data reviewed by CoinDesk shows that total value locked for the chain reached about $135 million, up more than sevenfold from $17 million on July 3, accordi…

Robinhood built a blockchain for tokenized stocks. Memecoins took over

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