Robinhood Chain Stock Tokens Reach $11.31 Billion in September

Robinhood Chain’s tokenized stock trading surged in September, lifting third-quarter decentralized-exchange volume to $14.05 billion as U.S. companies objected to tokenized share listings on another venue.

The network recorded $526 million in July and $2.21 billion in August before September’s $11.31 billion. Daily average decentralized-exchange volume climbed from $17 million in July to $71.4 million in August and $377.1 million in September.

Nvidia tokens led quarterly trading at $2.50 billion. SPY followed at $1.55 billion and SpaceX at $1.51 billion; AMC and GME each topped $600 million. The number of tokenized stocks rose from 96 at the end of July to 193 at the end of August and stayed level in September.

Robinhood Chain is an Ethereum Layer 2 network that launched July 1. In its first 92 days, it processed 870.2 million transactions and generated $51.11 million in fees. Its stock tokens are issued by Robinhood Assets (Jersey) Limited and backed by securities held with a custodian. Holders track the underlying assets but do not directly own shares or receive voting rights. Dividends are reinvested, with token exposure adjusted to reflect them.

Trading in tokenized stocks also grew on Solana. Its decentralized exchanges recorded $6.93 billion in third-quarter volume, up 45% from $4.77 billion in the second quarter. September contributed $4.28 billion. A total of 635 tokenized stocks traded on Solana during the quarter, wallet holders grew from 172,000 to 624,000, and XStocks accounted for about 77% of issuance.

On Hyperliquid, non-crypto markets recorded $261.5 billion in third-quarter perpetual-contract volume, equal to 36.5% of the total, up from 32.7% in the prior quarter.

The Securities and Exchange Commission introduced an innovation exemption in September that provided a temporary compliance path for tokenized stocks and allowed issuers to object. An Oct. 19 OKXICE notice listed 16 companies objecting to tokenized versions of their shares on its planned venue, including Goldman Sachs, Microsoft and Alphabet.