TLDR Tech / Crypto
Culturally Crypto, Practically TradFi
Robinhood Chain launched July 1 with 24/7 stock token trading across 120+ countries, integrating a Uniswap AMM, Morpho lending, and USDG as the settlement layer for the firm's 27.4 million funded accounts. The launch extends Robinhood's vertical integration playbook, which has absorbed Bitstamp ($200M), WonderFi, Lighter for perps, and Morpho for lending, collapsing TradFi's fragmented broker/exchange/custodian/clearing/issuer stack into a single composable system. With PFOF earning around 3 basis points, each owned layer raises Robinhood's take rate, and the chain serves as distribution leverage over 28 million users rather than a standalone revenue line. The logical next target is a proprietary stablecoin: USDG's $3.2B float, up from $1B in December, generates an estimated $119M/year in T-bill reserve income, a pool Coinbase harvested $305M from last quarter on a coin it does not issue.
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