Robinhood Chain posted record activity last week, averaging 11.6 million daily transactions, up about 30% from the previous week and the highest level since launch. Total value locked, or TVL (assets deposited on a network), rose 32% over the same period to $473 million, while average daily active accounts increased just 3.3% and remained 11% below their July 16 peak. That gap suggests the network's growth came more from existing users trading more frequently than from a broad influx of new participants. The stablecoin balance also changed quickly, with Ethena's USDe reaching $253 million, or about 43% of Robinhood Chain's total stablecoin supply, up from $17 million a month earlier when Robinhood's USDG was the leading asset. The Block said a shift from conventional dollar-based stablecoins toward synthetic dollar stablecoins (yield-seeking dollar substitutes) typically channels capital into deposits rather than trading, matching the rise in TVL alongside largely flat user growth.