《代币化备忘录：Robinhood链强劲首秀发布 (3/n)》

Gautam Chhugani+91 226 842 1416gautam.chhugani@bernsteinsg.comMahika Sapra+91 226 842 1408mahika.sapra@bernsteinsg.comSanskar Chindalia+91 226 842 1445sanskar.chindalia@bernsteinsg.comHarsh Misra+91 226 842 1457harsh.misra@bernsteinsg.com The Tokenization Memo: Robinhood Chain’s strong debut launch(3/n) Robinhood Chain’s launch expands Robinhood’s product offering across tokenized stocks, decentralized lending and perpetualfutures products. Strong early adoption highlights the growing convergence of tokenized real world assets with the broader DeFiecosystem, as industry participants continue to innovate across multiple business models for regulated asset tokenization. Tokenized RWA Industry Metrics -Market cap of tokenized real-world assets has grown from $35Bn in 2025 YE to over $51Bn today,up 50% YTD (Exhibit 6-Exhibit 7. Tokenized real world assets have demonstrated strong resilience vs broader crypto markets that aredown ~25% YTD. Private credit remains the dominant asset class at 48% of total RWA market cap, followed by U.S. Treasuries (29%) andcommodities (9%). Ethereum and Provenance continue to host the bulk of onchain RWA activity, representing ~70% of total tokenizedassets (Exhibit 8). Total RWA asset holders have crossed 1Mn, up ~75% YTD (Exhibit 10). Robinhood Chain launches with strong traction across DeFi and tokenized assets Robinhood launched the public mainnet of Robinhood Chain (link), expanding its product offering across tokenized stocks, decentralizedlending and perpetual futures products. Early traction on the Robinhood Chain has been strong in terms of trading volumes and useradoption. Robinhood Chain DEX volumes vs other chains:In the last 7 days, Robinhood Chain has grown to be among the Top 5 chains in terms ofDEX volumes - with $3.1Bn in cumulative DEX volumes over the last 7 days (Exhibit 3-Exhibit 4). Early trading volumes on Robinhood Chainwere led by meme coins but shows strong liquidity and tractions from crypto native traders. Over time, Robinhood is focused on dominatingRWA (equities, commodities and perpetual futures) trading with Robinhood Chain and Bitstamp’s growing product suite and market liquidity.Since the launch of Robinhood Chain on July 1, over ~65K users now hold $13Mn of stock tokens and $300Mn in stablecoin balances on thechain (Exhibit 1-Exhibit 2). Key partnerships and offerings:Robinhood Chain is an Arbitrum-based Ethereum L2, built for financial services, tokenized real worldassets with a permissionless environment for blockchain builders. Robinhood’s blockchain ecosystem is continuously growing with deepintegration from industry players like Uniswap (liquidity protocol), Pleiades (prop trading), Lighter, Morpho, BitGo (not covered), and Chainlink.Key offerings include: •Stock tokens:Robinhood Chain integrates Robinhood’s tokenized stocks with the broader DeFi ecosystem. The new stock tokens arenow available in 120+ countries (not currently available in US), support 24x7 trading (on decentralized exchanges like Uniswap, Lighteretc.) and improves token utility as lending and trading collateral. •Decentralized lending:Robinhood has partnered with Morpho, allowing eligible US users to lend their USDG (dollar-backed stablecoin)directly on the main Robinhood app. Currently, users can earn upto 7% APY through Robinhood’s decentralized lending product. •Perpetual futures:Eligible users can now access perpetual future contracts through Lighter, a decentralized exchange. Lighter isoffering incentives for Robinhood users to trade perpetuals (committed $11Mn of LIT tokens for the community). Custodial tokenized equity model - DeFi integration enhances token utility while regulated U.S models emerge Equity tokenization continues to attract mainstream interest with tokenized equities growing 170% YTD from $0.7Bn to $1.9Bn. Multiplebusiness models are being attempted for equity tokenization, while the industry still awaits regulatory clarity for securities tokenizationincluding potential expectation of an ‘innovation exemption’. Broadly, the issuer-sponsored tokenization model uses blockchain native sharesissued directly by the issuing company. While the custodial model involves a third party sponsor buying the underlying shares, custodyingthem in a secured account and issuing a blockchain token against them. Over the last few weeks, we have seen two major developments gaining momentum in the custodial equity tokenization model - leveragingDeFi ecosystem to enhance stock token utility and first live application of a U.S regulated custodial tokenization model. Robinhood Chainenables Robinhood to expand its custodial model for equity tokenization. So far, the stock tokens were only available in EU, with limitedutility beyond tracking the price of the underlying shares. However, with Robinhood Chain, Robinhood issued stock tokens are now availablein 120+ countries (not currently available in US). The stock tokens can be traded 24x7 on decentralized exchanges,