Key Takeaways
- • Robinhood reported $15 billion in cumulative trading volume for its stock tokens as its Ethereum layer-2 blockchain passed 100 days since going live on July 1, according to figures the company provided to The Defiant.
- • The company put token holders at about 200,000, figures it had not yet published on its own newsroom as of Tuesday morning.
- • Robinhood handled about 42% of onchain equity trading volume in September, roughly $6.57 billion, according to Crypto Briefing, accounting for more than 40% of the cumulative total.
- • Roughly $1.1 billion has been deposited on the network, according to Morpho's dashboard, though most chain activity has come from crypto-native users rather than Robinhood brokerage customers, per TokenPost.
- • Robinhood's tokens give holders price exposure without voting rights, contrasting with the SEC exemption structure that requires voting, dividend and liquidation rights, a distinction competitors such as Kraken and OKX-ICE are navigating differently.
Summary
Robinhood's stock tokens have generated $15 billion in cumulative trading volume, the company said, as its blockchain passed 100 days since going live on July 1. The figures were reported by The Defiant on Monday, which attributed them to Robinhood. The company had not published the numbers on its newsroom by Tuesday morning. It also put the number of token holders at about 200,000.
September accounted for a large share of the total. According to Crypto Briefing, Robinhood handled about 42% of onchain equity trading volume that month, or roughly $6.57 billion, and that single month represents more than 40% of the cumulative figure the company reported.
Robinhood Assets (Jersey) Limited issues each token as a debt security backed one-for-one by stock held in custody. The tokens track more than 190 US stocks and funds, are sold in more than 120 countries and are closed to US persons. Robinhood first sold stock tokens to European Union customers in June 2025 on Arbitrum One. The new chain is its own Ethereum layer-2 network built on Arbitrum technology, with trading through a Uniswap market and lending through Morpho. Under its license with Arbitrum, the chain returns 10% of protocol net revenue to the ArbitrumDAO treasury and its developer guild, according to a DAO factsheet. About $1.1 billion has been deposited on the network, according to Morpho's dashboard.
Activity on the chain has so far been driven mainly by crypto-native users rather than Robinhood's brokerage customers, TokenPost reported, with meme tokens paired with stock tokens reaching $518 million in trading. The company plans to keep covering token-swap network fees above 50 cents through December 31, TokenPost said. The backing of the tokens drew scrutiny last month when AMC Entertainment chief executive Adam Aron asked whether collateral shares could be lent to short sellers.
Competitors are pursuing different structures. Kraken's xStocks, issued by another Jersey entity, had more than $800 million in backing assets and 300,000 holders in September, by Kraken's own count. Bybit moved on Monday to more than 1,000 US shares and ETFs settled in USDC through Alpaca. The OKX venture backed by Intercontinental Exchange plans round-the-clock trading in 63 tokenized US stocks under an SEC exemption announced in September, which requires tokens to carry voting, dividend and liquidation rights of the underlying shares. Robinhood's tokens give holders price exposure without a vote.
September accounted for a large share of the total. According to Crypto Briefing, Robinhood handled about 42% of onchain equity trading volume that month, or roughly $6.57 billion, and that single month represents more than 40% of the cumulative figure the company reported.
Robinhood Assets (Jersey) Limited issues each token as a debt security backed one-for-one by stock held in custody. The tokens track more than 190 US stocks and funds, are sold in more than 120 countries and are closed to US persons. Robinhood first sold stock tokens to European Union customers in June 2025 on Arbitrum One. The new chain is its own Ethereum layer-2 network built on Arbitrum technology, with trading through a Uniswap market and lending through Morpho. Under its license with Arbitrum, the chain returns 10% of protocol net revenue to the ArbitrumDAO treasury and its developer guild, according to a DAO factsheet. About $1.1 billion has been deposited on the network, according to Morpho's dashboard.
Activity on the chain has so far been driven mainly by crypto-native users rather than Robinhood's brokerage customers, TokenPost reported, with meme tokens paired with stock tokens reaching $518 million in trading. The company plans to keep covering token-swap network fees above 50 cents through December 31, TokenPost said. The backing of the tokens drew scrutiny last month when AMC Entertainment chief executive Adam Aron asked whether collateral shares could be lent to short sellers.
Competitors are pursuing different structures. Kraken's xStocks, issued by another Jersey entity, had more than $800 million in backing assets and 300,000 holders in September, by Kraken's own count. Bybit moved on Monday to more than 1,000 US shares and ETFs settled in USDC through Alpaca. The OKX venture backed by Intercontinental Exchange plans round-the-clock trading in 63 tokenized US stocks under an SEC exemption announced in September, which requires tokens to carry voting, dividend and liquidation rights of the underlying shares. Robinhood's tokens give holders price exposure without a vote.
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