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On 1 July, Robinhood launched its own blockchain, stock tokens in 120+ countries, and agentic trading. The real story is a quieter line: Robinhood Earn, a DeFi lending product inside the main app, paying an estimated 7% on the USDG stablecoin through Morpho, a protocol Robinhood does not control.
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I watched Robinhood announce a blockchain, global stock tokens, and AI trading agents in one keynote. Everyone covered the chain, I keep coming back to that quieter line:
US users can now lend dollars at an estimated 7%, one tap from their brokerage account. The engine is a DeFi protocol most of them have never heard of.
What’s happening
Robinhood took Robinhood Chain, a Layer 2 built on the Arbitrum stack, to public mainnet with Uniswap deploying a dedicated AMM, Pleiades running a proprietary trading venue, and Alchemy, BitGo, and Chainlink live from day one. Robinhood covers gas fees for the first 90 days. New Stock Tokens launched in 120+ countries as tokenised debt securities issued out of Jersey. They trade 24/7 and work as DeFi collateral. US persons are excluded.
Robinhood Earn is the US product. Eligible customers buy USDG, Paxos’s Global Dollar Network stablecoin, and lend it from a self-custody wallet into a Morpho vault curated by Steakhouse Financial, settling on Robinhood Chain. Morpho holds $11B+ in deposits. Borrowers post collateral from Spark (spUSDG), Ethena (USDe), and Maple (syrupUSDG); their interest funds the estimated 7% APY. Lloyd’s of London and RELM insure covered losses from cyber or smart-contract exploits.
The rest of the keynote: commodity, ETF, and FX perpetuals at up to 10x leverage in the EU, maker fees as low as 0% in the US, a Canada launch built on the WonderFi acquisition, a Singapore capital markets services licence, and Agentic Accounts for crypto through Robinhood’s Trading MCP. MORPHO rose about 12% and Standard Chartered initiated coverage the same day. HOOD traded near $108, up about 7%, on strong June volumes rather than the keynote.
