Robinhood Chain’s total value locked (TVL, the assets deposited in blockchain applications) has exceeded $550 million after rising more than 45% in August, building on a record above $540 million reported August 17. Stablecoins have driven much of the expansion, with market capitalization up more than 22% to about $640 million; Ethena’s USDe accounts for $286 million, or 44%, while Robinhood’s USDG has moved sideways between $330 million and $350 million after representing 92.7% of supply in the chain’s first week. Tokenized real-world assets (RWA, blockchain-based versions of traditional assets) rose 120% month over month to $32 million, but their share fell from about one-third of TVL on July 7 to 6% in the earlier report. A newer DefiLlama snapshot described tokenized stocks and other RWAs as about a quarter of TVL, indicating a difference in timing or measurement. The chain’s growth comes as Robinhood shifts its crypto strategy toward infrastructure after second-quarter crypto transaction revenue fell 38% to $100 million. The company reported record second-quarter revenue of $1.31 billion, diluted earnings per share of $0.62 and $22 billion in net deposits, helping fuel disagreement with Fundstrat’s Tom Lee, who named Robinhood a stock to avoid. Robinhood shares traded near $96, valuing the company at $86 billion.