Robinhood built a blockchain for tokenized stocks. Memecoins took over
Robinhood's new Ethereum layer-2 blockchain has seen explosive growth in transaction volume, but the activity is dominated by speculative memecoins rather than the intended tokenized real-world assets. Despite the high volume, the value locked in tokenized stocks remains a small fraction of the network's total activity.
A cat-themed token called CASHCAT , named after Robinhood's former mascot before the company rebranded, has surged 2,158% over the past 7 days, and the memecoin has a $156 million market cap. By comparison, tokenized real-world assets on the chain are worth just $12.81 million, of which $10.68 million is stocks, with the rest split across commodities, tokenized ETFs and a $410,000 sliver of U.S. Treasuries as of Monday morning.
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