Robinhood’s freshly launched blockchain has a stablecoin, and it’s not the one you’d expect. Instead of defaulting to USDC or Tether, the two gorillas of the stablecoin world, Robinhood Chain went with USDG, the Global Dollar. The reasoning, according to Johann Kerbrat, Robinhood’s SVP and General Manager of Crypto and International, boils down to one thing: who gets paid.
Every stablecoin earns yield on its reserves. US Treasuries, money market funds, the usual stuff. The difference is what happens to that yield. With Tether and Circle, the issuers pocket the lion’s share. With USDG, the economics flow back to the network’s participants.
The numbers behind the bet
Robinhood Chain went live on July 1, 2026, as an Arbitrum-based Ethereum Layer 2 network. USDG launched simultaneously as the chain’s primary stablecoin, handling everything from settlement to liquidity provision.
USDG currently accounts for roughly $223.5 million of the stablecoin supply on Robinhood Chain, which works out to about 68% of the total stablecoin market cap of approximately $327.6 million on the network.
