Robinhood Chain set a transaction record of 11.6M daily txns last week while TVL rose 32% to $473M, though active accounts remain 11% below July's peak.
Transaction activity on Robinhood Chain hit a new high last week, with the network averaging 11.6 million daily transactions. That figure is roughly 30% above the prior week's daily average and marks the highest level the network has recorded.
Total value locked (TVL) on the chain also climbed, reaching $473 million over the same period. That represents a 32% rise from the week before, driven in large part by a rapid shift in the network's stablecoin composition.
The gains in volume and locked capital have not translated into meaningful user growth, however. Daily active accounts on Robinhood Chain rose just 3.3% week-over-week and remain 11% below the peak reached on July 16, 2026.
Existing Users Trading More, Not New Users Arriving
A brief spike in active accounts occurred after Robinhood listed the Cashcat (CASHCAT) meme coin on its app. That single-day bump did not change the weekly average in any significant way, and the network's user base has otherwise remained flat.
The divergence between rising transaction counts and a stagnant active-account figure points to a specific dynamic: the same pool of users from prior weeks is trading at a higher frequency, rather than the chain drawing in new participants. Volume is up because existing users are doing more, not because more users have arrived.
Related Article: Robinhood Adds 50 Cryptos to UK App With Zero Fees Via Bitsmap
USDe Overtakes USDG as Dominant Stablecoin
The stablecoin mix on Robinhood Chain has shifted sharply over the past month. Ethena's USDe now accounts for $253 million on the network, or roughly 43% of its total stablecoin float. One month ago, USDe held only $17 million on the chain, with Robinhood's own stablecoin USDG holding the top position.
USDe is a yield-bearing synthetic dollar, meaning capital deposited into it tends to sit rather than circulate. That behavior is consistent with the chain's rising TVL alongside its stagnant user count, suggesting much of the recent capital inflow is parked in USDe rather than actively moving through the network.
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