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Memecoin-stock pairs drive record activity
Data compiled by onchain researchers shows that memecoin-stock pairs generated $217 million in daily volume, while tokenized stocks themselves accounted for $127 million. The combined figure of $390 million marks the highest single-day total since the Ethereum Layer 2 network launched on July 1.
The relationship between memecoins and tokenized stocks emerged in mid-July when applications began allowing users to launch memecoins backed by tokenized-stock liquidity across more than 90 stock tickers. Pools pairing memecoins with tokenized versions of companies including Nvidia, Tesla, Intel and Roblox appeared among the network's most active markets.
Instead of relying exclusively on stablecoins or ETH as the counterparty in a trading pair, the structure allows tokenized stocks to serve as liquidity for speculative tokens. Trading in those memecoins generates transactions involving the stock tokens paired against them, boosting overall RWA-linked volume.
RWA market cap climbs above $84 million
The market capitalization of tokenized real-world assets on Robinhood Chain has moved above $84 million, a substantial increase from roughly $12.8 million in mid-July. At that earlier stage, tokenized RWAs represented only a small portion of network activity despite being one of the main products behind the launch.
Robinhood launched the public mainnet on July 1 as an Ethereum Layer 2 built using Arbitrum technology. Eligible users in more than 120 countries gained access to tokenized stocks through Robinhood Wallet, alongside decentralized finance products and perpetual futures. The network initially launched with roughly 95 tokenized stocks.
Trading activity quickly developed around a different category. Memecoins accounted for more than 80% of decentralized exchange volume during the network's first weeks. One community memecoin called CASHCAT reached a market capitalization of approximately $156 million during its initial surge, at one point exceeding the combined value of all tokenized RWAs then available on the chain.
Stock-token volume crosses $1 billion milestone
Secondary-market trading has continued to expand. Uniswap founder Hayden Adams said in late August that combined stock-token volume on Robinhood Chain had reached $1 billion for the first time. Uniswap has served as the network's main public automated market maker since launch, providing markets where tokenized assets can trade directly onchain.
By July 27, Robinhood had accumulated roughly 328,000 tokenized-equity holders, representing around 44% of the 752,000 holders tracked across five major tokenized-stock platforms. The value held on Robinhood remained smaller than several competing platforms at approximately $44 million, while Ondo held $857 million and xStocks had $487 million.
Robinhood Chain surpasses Solana in tokenized-stock volume
By late July, the memecoin-stock liquidity model had helped push Robinhood Chain ahead of Solana in tokenized-stock trading volume. The network processed more than $12 billion in decentralized exchange volume and over 150 million transactions by the end of July.
Robinhood Stock Tokens remain unavailable to investors in the United States. The company has structured its Classic Stock Tokens as derivative contracts under MiFID II. Holders receive exposure to the price of the referenced asset but do not own the underlying shares or receive shareholder rights such as voting rights. Robinhood has said assets supporting those contracts are held through a U.S.-licensed institution.
The $217 million daily record for memecoin-stock pairs now exceeds the $127 million generated by tokenized stocks themselves, reflecting how speculative trading has become a significant driver of activity on a network originally built around real-world asset tokenization.
