Robinhood Chain has reached $1.14 billion in total value locked, as Robinhood Crypto has confirmed that eligible holders can use its Stock Tokens as collateral to borrow stablecoins through Morpho.
Summary
- Morpho supports stablecoin borrowing against Robinhood Stock Tokens through markets accessible to eligible wallets and apps.
- DefiLlama lists $1.079 billion in stablecoins on the network, with USDG accounting for 65.67%.
- Robinhood’s documentation says stock price feeds update 24/5, while onchain token trading can continue outside tokenization hours.
- US persons remain excluded from Stock Tokens under Robinhood’s published product restrictions.
Robinhood Crypto said in an Oct. 22 post that its Stock Tokens can now serve as collateral on Morpho, allowing holders to borrow against their positions. The announcement describes access for eligible wallets and applications that connect to the lending markets.
“Robinhood Chain brings the rails, Morpho brings their credit layer,” the company wrote.
In the Morpho announcement embedded in the post, the lending protocol said users can pledge Stock Tokens to borrow stablecoins and that applications can integrate the credit markets.
Robinhood Chain records $1.14 billion in locked value
DefiLlama’s Oct. 22 dashboard lists Robinhood Chain’s DeFi TVL at $1.14 billion, alongside $1.079 billion in stablecoin market capitalization and $331.64 million in active real-world asset value. The dashboard presents those as separate measures, rather than a breakdown of the TVL figure.
The same dataset shows USDG accounting for 65.67% of stablecoin capitalization. Decentralized exchanges on the network processed $890.62 million over 24 hours and $6.139 billion over seven days, with weekly volume down 6.72%.
Morpho’s network dashboard separately records approximately $1.10 billion in deposits, $484.3 million in outstanding loans and $606.9 million in TVL. Those totals cover Morpho’s Robinhood Chain deployment across collateral types, rather than stock-backed borrowing alone.
Its displayed market labels include NVDA/USDG, GOOGL/USDG and AAPL/USDG, each with a 62.5% liquidation loan-to-value threshold. The dashboard lists other collateral markets with different thresholds, including USDe/USDG and syrupUSDG/USDG at 91.5%.
Robinhood launched the public mainnet on July 1 using Arbitrum technology. As crypto.news previously reported on July 2, the company’s public blockchain launch introduced transferable Stock Tokens and described lending pools and collateral use among their intended applications.
The July announcement named Uniswap and Pleiades as initial trading partners and identified integrations with Alchemy, BitGo and Chainlink. Robinhood said the new tokens were available through its wallet in more than 120 countries, subject to local eligibility rules.
Stock-token trading and price feeds follow different schedules
Robinhood’s developer documentation describes Stock Tokens as debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure to shares and exchange-traded funds without granting legal or beneficial rights in the underlying issuer.
The documentation says market makers can mint and burn tokens from Monday at 02:00 through Saturday at 02:00 CET or CEST, depending on daylight saving time. End users may continue buying and selling tokens onchain outside that window, although individual assets have their own trading capabilities.
In its separate oracle guidance, Robinhood says each Stock Token has a Chainlink price feed, and that stock feeds update 24/5, following market hours. The published feed value incorporates a multiplier that accounts for corporate actions, including dividends and stock splits.
During corporate-action processing, Robinhood says the affected oracle pauses and resumes after processing finishes. Its guidance tells developers to check price timestamps, reject stale values, and examine the oracle’s pause flag, which is advisory rather than enforced onchain.
Morpho liquidations depend on collateral values and market thresholds
Morpho’s documentation says a loan becomes eligible for liquidation when its debt relative to collateral value exceeds the market’s liquidation threshold. Falling collateral prices or accumulating interest can push a position past that limit.
An outside liquidator can then repay some or all of the debt in exchange for collateral and a liquidation incentive. Morpho says the market’s oracle price determines both liquidation eligibility and the collateral valuation used in that transaction.
The protocol’s documentation states that third parties execute liquidations through economic incentives, with execution dependent on their participation. Its general rules do not establish the specific weekend safeguards configured for each Robinhood Stock Token market.
Robinhood’s Earn disclosure assigns Steakhouse Financial responsibility for the program’s vault parameters, including collateral types, risk boundaries, and lending allocations. Robinhood says withdrawals depend on available vault liquidity and may not be immediately available when funds are borrowed.
US restrictions remain in place for Stock Tokens
Robinhood’s disclosures say Stock Tokens are not registered under US securities laws and cannot be offered, sold or delivered in the United States or to US persons. The company lists further restrictions covering Canada, the United Kingdom and Switzerland.
In an Aug. 10 statement, Bitmine Chairman Tom Lee described Robinhood’s customer base as a potential route to Ethereum adoption. The 27 million customer figure concerned the brokerage’s addressable market, rather than confirmed users of the blockchain.
Arkham said on Oct. 19 that its labels and tracing tools covered Robinhood Chain, reporting more than 35 million labels alongside searchable addresses, transfers and transaction identifiers. Its earlier integration announcement dates to July 22.
