Robinhood Crypto SVP Johann Kerbrat said the company's tokenization work is "just the beginning," framing Robinhood Chain as business infrastructure rather than a token-led ecosystem. The permissionless, EVM-compatible layer-2 is built on Arbitrum's tech stack, settles to Ethereum and charges gas in ether, but launched without a native token. Its current focus is Stock Tokens, 24/7 onchain versions of equities such as Nvidia and Apple that are available in more than 120 countries, excluding U.S. persons, and give users economic exposure without a legal claim on the underlying shares. Trading activity has been driven largely by memecoins and stablecoins: OAK Research said more than 99% of volume came from memecoins, while DefiLlama lists about $536 million in total value locked, roughly $634 million in stablecoins and about $440 million in 24-hour DEX volume. CoinDesk said tokenized real-world assets on the chain total $12.81 million, including about $10.68 million in stocks, while Growthepie data showed daily transactions topped 7 million on July 13, ahead of Coinbase's Base. Robinhood is subsidizing gas for eligible wallet users on swaps, bridges and perps for 90 days, and the company separately reported second-quarter crypto transaction revenue of $100 million, down 38% year over year, as prediction markets generated $156 million and surpassed crypto for the first time.