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Robinhood says its stock tokens have recorded $15 billion in total trading volume, with about 200,000 holders. The company's blockchain went live on July 1 and has now passed 100 days of operation. The Defiant reported the figures on Monday, attributing them to Robinhood; the company had not put them on its newsroom by Tuesday morning.
Activity in September made up a substantial share of the total. Robinhood accounted for about 42% of onchain equity trading that month, or roughly $6.57 billion, according to Crypto Briefing. That is more than 40% of the cumulative volume Robinhood disclosed.
Robinhood's token model and network
Robinhood Assets (Jersey) Limited issues the tokens as debt securities, with stock held in custody matched one-for-one. The product covers more than 190 US stocks and funds, is available in more than 120 countries and excludes US persons. Robinhood began offering the tokens to European Union customers in June 2025 on Arbitrum One; its shares reached a record high during that launch.
The newer network is Robinhood's own Ethereum layer-2, built using Arbitrum technology. Swaps run through a Uniswap market, while Morpho supports lending. A DAO factsheet says the Arbitrum licence sends 10% of net protocol revenue to the ArbitrumDAO treasury and developer guild. Morpho's dashboard shows about $1.1 billion deposited. Finance Magnates also reported that AMC Entertainment chief executive Adam Aron questioned last month whether shares backing the tokens could be lent to short sellers.
Other venues take different paths
Kraken says its xStocks had more than $800 million in backing assets and 300,000 holders in September. They are issued by another Jersey entity. Bybit's Monday change replaced stock CFDs with an offering of US shares and exchange-traded funds, numbering more than 1,000, with settlement in USDC through Alpaca.
An OKX venture backed by Intercontinental Exchange (ICE) plans to make 63 tokenized US stocks tradable around the clock under an exemption from the Securities and Exchange Commission (SEC). Announced in September, the exemption requires the tokens to retain the underlying shares' voting power, dividend entitlement and liquidation claim. Robinhood's tokens track share prices but do not confer a vote.
TokenPost reported that crypto-native users, rather than Robinhood brokerage customers, have driven most activity on the chain so far. The same report put trading in meme tokens paired with stock tokens at $518 million. TokenPost reported that Robinhood will pay network fees for swaps where the charge exceeds 50 cents, until December 31.
What an operations team should check
Teams should establish how custody records for the backing shares are reconciled against token issuance and transfers, and how exceptions are handled. They should also confirm which systems support swaps on Uniswap and lending through Morpho, and what reporting is available for activity on the chain.
The fee policy raises a separate operational question: how are swaps above 50 cents identified and the covered amount tracked through December 31? Teams assessing the products should also establish how the different rights attached to Robinhood's tokens and the SEC-exempt tokens are represented in customer and compliance workflows.
