When Robinhood Chain launched earlier this month, critics were quick to point out that the network built for tokenized equities had been overrun by memecoins. Three weeks later, the narrative is shifting. Real-world assets on the chain have surged roughly fivefold to approximately $70 million in active market value, and a dozen tokenized stocks are now trading in meaningful size.

The data, pulled from DefiLlama and DEX Screener, suggests that Robinhood's tokenization thesis is starting to materialize — even if speculative tokens still dominate overall activity.

Tokenized Equities Find Their Footing

Tokenized GameStop shares lead the pack with $26.6 million in daily DEX volume, followed by Nvidia at $14 million and SpaceX at $6.4 million. Twelve tokenized stocks on Robinhood Chain now clear at least $500,000 in daily volume, with five exceeding $1 million.

That represents a significant step up from the chain's first weeks, when the most visible token was CASHCAT — a memecoin built around Robinhood's abandoned original name. CASHCAT spiked over 1,700% after CEO Vlad Tenev followed its account on social media, then fell approximately 75% from its peak. The token's decline has coincided with a measured increase in genuine equity trading.

Total value locked on Robinhood Chain has roughly tripled since mid-July to approximately $312 million. The chain now processes over $600 million in daily decentralized exchange volume, placing it among the more active networks in crypto. Transaction count has surpassed 138 million over 30 days, according to Token Terminal.

The Memecoin Reality

Despite the growth in tokenized equities, the chain's character remains split. Tokenized stocks generate roughly $55 million in daily volume — less than a tenth of the chain's nearly $600 million in total DEX trading. The remainder is dominated by memecoins and stablecoin pairs.

The trending list on DEX Screener is filled with tokens like "Hoodrat," "Vladhood," and "Swole Doge," not the equities the chain was designed to host. Stablecoins remain the largest single presence, with a combined market value in the hundreds of millions.

This creates a tension that Robinhood must navigate. The speculative activity generates fees, transaction volume, and attention — but it undermines the platform's positioning as serious financial infrastructure. The company's challenge is converting memecoin traders into equity users without alienating either group.

The Bigger Picture for Tokenization

Robinhood Chain's early trajectory offers a case study in how tokenized assets gain adoption. The chain launched with the premise that millions of retail investors would want to trade fractional shares onchain, 24/7, with instant settlement. What actually happened was that crypto-native users showed up first — and they wanted memecoins, not fractional Nvidia.

The shift toward equities suggests that adoption happens in stages. Speculators provide initial liquidity and activity. Some subset of those users, along with new entrants attracted by the growing ecosystem, begin exploring the chain's intended use cases. The $70 million in real-world assets is modest compared to the chain's total activity, but the growth rate — fivefold in under two weeks — indicates the direction of travel.

McKinsey projects the tokenized asset market could reach $4 trillion by 2030, while Standard Chartered has projected $30 trillion by 2034. As of March 2026, the total value of tokenized assets stood at approximately $25 billion. Robinhood Chain's contribution to that figure remains small, but the platform's large retail user base — and the infrastructure it has built — positions it as a potential accelerator if tokenized equities achieve mainstream adoption.

What Comes Next

The key question is whether tokenized equity volume continues to grow or plateaus. The current $55 million in daily stock trading volume, while a fraction of traditional equity markets, represents genuine institutional and retail interest in onchain securities. Robinhood's ability to bring more of its millions of brokerage customers onchain will likely determine whether the chain evolves from a speculative venue into a legitimate trading platform.

For now, the evidence points in both directions. Memecoins still dominate, but real assets are growing. The chain that was built for tokenization is finally seeing some.