Robinhood Chain launched on July 1, 2026, and became the fastest-growing chain for USDG supply after the Paxos-issued Global Dollar stablecoin added $93.9 million in 30 days. More than $178 million of USDG was issued during the network’s first week, lifting its market cap to roughly $333 million by the end of July. Demand was supported by Robinhood’s Earn product, which offers around 7% annual percentage yield on USDG through self-custodial lending routed via Morpho vaults. USDG is backed 1:1 by cash and high-quality liquid assets, primarily U.S. Treasuries, while Paxos entities operate under regulatory oversight in Singapore and Europe. Robinhood Chain is built on Arbitrum as an Ethereum Layer-2 network (a scaling network built above Ethereum) for tokenized assets and on-chain finance. Paxos Labs also launched Amplify Transit in mid-July to facilitate conversions between USDG and other stablecoins; the tool handled close to $30 million in conversions in its first two weeks. The results represent a significant distribution gain for Paxos and highlight the competitive pressure created by the 7% yield, which regulators and traditional banks have been watching closely.