
Robinhood blockchain draws memecoin traders first
- Robinhood's new blockchain has seen memecoins attract more activity than tokenised stocks.
- The network has reached about US$312 million in total value locked.
- Robinhood continues building tokenised financial products despite the early trading trend.
Robinhood Markets launched a blockchain for tokenised stocks, but memecoins have generated most of the early trading activity.
The network has reached about US$312 million in total value locked and processes around 3.6 million daily transactions.
A memecoin called CASHCAT has grown to a market value of about US$156 million, while tokenised assets on the network total about US$12.8 million.
Robinhood's blockchain also supports tokenised stocks, exchange-traded funds, commodities, and US Treasury products.
The company built the network to expand blockchain-based investing and support tokenised real-world assets.
Early trading has been driven mainly by crypto users rather than investors in tokenised stocks.
Robinhood said it will continue expanding tokenised financial products as the blockchain platform grows.