Robinhood Puts Stock Token Trading at $15 Billion as Its Blockchain Turns 100 Days

Robinhood's tokenized stock offering has generated $15 billion in cumulative trading volume and counts about 200,000 holders, according to figures the company provided, as the blockchain behind the product passed 100 days of operation since going live on July 1. The numbers were reported on Monday by The Defiant, which attributed them to Robinhood; the company had not published them in its own newsroom as of Tuesday morning.

September did much of the work. Robinhood handled roughly 42% of onchain equity trading volume that month, or about $6.57 billion, according to Crypto Briefing — a single month that accounts for more than 40% of the cumulative total the company has reported.

Rivals push ahead on tokenized equities

Competing venues are moving on the same territory. Kraken's xStocks, issued through another Jersey entity, carried more than $800 million in backing assets and 300,000 holders in September by Kraken's own count. Bybit moved on Monday from stock CFDs to more than 1,000 US shares and exchange-traded funds settled in USDC through Alpaca. An OKX venture backed by Intercontinental Exchange (ICE) plans round-the-clock trading in 63 tokenized US stocks under a Securities and Exchange Commission (SEC) exemption announced in September, which requires tokens to carry the voting, dividend and liquidation rights of the underlying shares. Robinhood's tokens give holders price exposure without a vote.

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 remain closed to US persons. Robinhood first sold stock tokens to European Union customers in June 2025 on Arbitrum One, and its shares hit a record high around the rollout. 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, per Morpho's dashboard. The backing itself drew questions last month when AMC Entertainment chief executive Adam Aron asked whether collateral shares could be lent to short sellers.

Most activity on the chain so far has come from crypto-native users rather than Robinhood's brokerage customers, TokenPost reported, adding that trading in meme tokens paired with stock tokens reached $518 million. Robinhood plans to keep covering token-swap network fees above 50 cents through December 31, according to the same report.