Robinhood Chain Sees Record Transactions, But User Growth Stays Flat

Robinhood Chain recorded an average of 11.6 million daily transactions last week, marking a new record for the network and a rise of roughly 30% over the previous week’s average. Total value locked on the chain also climbed 32% week-over-week to reach $473 million.

Active Users Fail to Keep Pace

Despite the surge in activity, the number of daily active accounts grew just 3.3% over the same period and remains 11% below its mid-July peak. A brief spike in active accounts followed the listing of the Cashcat memecoin on the Robinhood app, though the weekly average barely shifted. The gap between rising transactions and TVL versus a flat user base suggests the same group of traders is transacting more often rather than new users joining the network.

USDe Stablecoin Gains Ground Rapidly

The chain’s stablecoin composition has shifted sharply, with USDe now accounting for about 43% of the total stablecoin float, up from just a small share a month earlier. The trend suggests capital increasingly parking in a yield-bearing dollar asset rather than actively transacting, aligning with rising TVL alongside stagnant user growth.