Robinhood Chain set a weekly record by averaging 11.6 million daily transactions, about 30% above the prior week's average, while total value locked (TVL, assets deposited onchain) rose 32% to $473 million. User growth did not keep pace: daily active accounts increased 3.3% week over week but remained 11% below the peak reached on July 16, 2026. A short-lived bump followed Robinhood's listing of the Cashcat (CASHCAT) meme coin on its app, but it did not materially lift the weekly average, pointing instead to heavier activity from existing users rather than fresh user adoption. The capital shift was reinforced by a sharp change in the chain's stablecoin mix. Ethena's USDe, a yield-bearing synthetic dollar (dollar-linked token that pays yield), climbed to $253 million, or roughly 43% of the network's total stablecoin float, from just $17 million a month earlier, when Robinhood's own USDG was the leading stablecoin. That pattern suggests much of the recent inflow is being parked in USDe rather than circulating across the network.