Robinhood Chain's deposits are climbing. Its tokenized-stocks pitch isn't.

Total value locked on Robinhood Chain passed $540 million as of Aug. 17, a gain of more than 45% so far this month, according to data published in The Block's Data & Insights newsletter by researchers Ivan Wu and Bryan Samsoedin. Tokenized real-world assets on the chain reached $32 million over the same stretch — up about 120% month over month.

Both lines are up. The ratio between them is not. RWAs made up close to a third of the chain's TVL on July 7 and account for roughly 6% now, per the same dataset. The Block's read: since launch, TVL has grown about seven times faster than the tokenized assets Robinhood has positioned as the chain's marquee use case.

The stablecoin picture shows a second reversal. Stablecoin market cap on the chain is around $640 million, up more than 22% month to date, The Block reports. Ethena's USDe accounts for $286 million of that — up nearly 50% since the start of August and now 44% of all stablecoins on the chain. USDG, the house stablecoin that held 92.7% of supply during the chain's first week, has flattened at $330–350 million over the same period.

Robinhood has not publicly commented on the figures, and the underlying dashboard is The Block's own.

Key facts

• TVL over $540 million, up more than 45% in August — The Block Data & Insights, Aug. 17
• Tokenized RWAs at $32 million, up ~120% month over month — same
• RWA share of TVL: ~33% on July 7 → ~6% on Aug. 17 — same
• Stablecoin market cap ~$640 million, up 22%+ month to date — same
• USDe at $286 million, ~50% growth in August, 44% of chain stablecoins — same
• USDG stalled at $330–350 million after opening week at 92.7% of supply — same

The real-world read

Two numbers in the same report don't sit comfortably side by side: stablecoin market cap ($640M) is larger than total value locked ($540M). Those measure different things — tokens issued on the chain versus value locked in its protocols — but the piece doesn't reconcile them, and a reader skimming headlines could easily treat the pair as contradictory.

The "seven times faster" figure is a derived ratio, not a disclosed metric, and it depends on a launch date the report doesn't state. The RWA share collapse from a third to 6% is the sturdier fact, and it's the awkward one: a chain marketed around tokenized equities is being used mostly for something else. What that something else is, the data doesn't say.

Worth noting on provenance: every figure here traces to one outlet's internal data product, with no primary on-chain citation or Robinhood filing behind it. The Block also discloses that Foresight Ventures is its majority investor. The LMAX Digital and Polymarket placements around the article are advertising, not reporting.

Opinion, and whose

The framing that tokenized RWAs are "losing ground" is The Block's, as is the characterization of tokenized equities as Robinhood's marquee use case. No forecast is offered by any party, and none is offered here.

Sources

• The Block, Ivan Wu and Bryan Samsoedin (Aug. 17, 2026) — all TVL, RWA, and stablecoin figures; the RWA-share comparison; the USDG opening-week share. Excerpt from The Block's paid Data & Insights newsletter. Disclosure: Foresight Ventures is The Block's majority investor. Sponsor placements appear within the page.

Nothing here is financial advice.