Robinhood Chain’s stablecoin supply briefly surpassed $300 million, less than two weeks after the Ethereum Layer 2 opened its public mainnet.
Paxos-issued USDG led the expansion with $205.3 million, while Ethena’s USDe accounted for another $95 million. The two assets represent virtually all tracked stablecoin liquidity on the network.
The total has since eased to about $294.2 million, with USDG at $194.5 million and USDe at $99.6 million. USDG controls about 66% of the market after its supply fell nearly 5% over the latest 24-hour period, while USDe increased about 5%.
Robinhood Chain launched on July 1 as an Arbitrum-based Layer 2 designed for financial services and tokenized real-world assets. The network supports trading, lending and yield products alongside Robinhood’s stock-token infrastructure.
Morpho Absorbs USDG Liquidity
A large share of the stablecoin supply has entered Robinhood Chain’s lending markets.
Morpho Blue held about $88.4 million in total value locked after a rapid increase in USDG deposits. The lending protocol accounts for most of the network’s $137.6 million in DeFi liquidity.
The expansion began when Ethena seeded $50 million into a Steakhouse Financial vault built around USDG. That deposit helped drive the earlier Robinhood Chain TVL spike as Morpho became the main lending layer for the network’s stablecoin market.
USDe differs from USDG in structure. USDG is a fiat-backed stablecoin issued by Paxos, while USDe maintains its dollar exposure through crypto collateral and offsetting derivatives positions.
DEX Volume Approaches $900 Million
Stablecoin growth has arrived alongside heavy decentralized exchange activity.
Robinhood Chain processed about $894 million in DEX volume over the latest 24-hour period, with Uniswap responsible for roughly $892 million. Seven-day turnover reached $3.1 billion after rising more than 10,500% from the previous week.
The network previously held above $824 million in daily DEX volume as CASHCAT, HOODIE and other newly issued meme coins drove its first major trading cycle.
Uniswap held $43.3 million in Robinhood Chain liquidity while processing more than 20 times that amount in daily trades. Applications generated $4.24 million in fees over the same period, compared with $116,284 in fees collected at the chain level.
