Two weeks after launch, 85% of Robinhood Chain's trading is memecoins and just 1% is RWAs. Johann Kerbrat says that doesn’t change the strategy.
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Robinhood CEO Vlad Tenev told CNBC on July 2 that real-world assets, not memecoins, were the future of crypto on Robinhood Chain. Two weeks after launch, the numbers disagree: roughly 85% of daily trading on the chain is memecoins, while tokenized RWAs sit at about 1%.
Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, joins Laura Shin to argue the split is not a problem. He makes the case that building the chain permissionless was deliberate, and that memecoin trading through CashCat and PumpFun brings the liquidity RWAs will eventually need.
Kerbrat also defends building the chain's lending and margin system on USDG over USDC or Tether, walks through the separate, unshared liquidity instance behind Robinhood's new perps product with Lighter, and addresses Robinhood's 63% quarterly drop in crypto transaction revenue. His answer: Robinhood Chain was never meant to smooth out that swing, and the real test is whether tokenization can outrun regulation.

Host:
<ul>
 <li><a href="https://x.com/laurashin">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>, Host / Unchained</li>
</ul>
Guests:
<ul>
 <li><a href="https://x.com/GlennOnrampBTC">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/Shaughnessy119">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/hosseeb">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/j0hnwang">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/ColeMacro">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/VinnyLingham">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/adietrichs">⁠⁠⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/joechalom">⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/TheOtherParker_">⁠⁠⁠⁠⁠</a><a href="https://x.com/vnovakovski">⁠⁠⁠</a><a href="https://x.com/DrNickA">⁠</a><a href="https://x.com/johannkerbrat">Johann Kerbrat</a> - Vice President and General Manager of Robinhood Crypto
</li>
</ul>
Timestamps

🐸 01:06 Why memecoins are 85% of Robinhood Chain's DEX volume, not RWAs
🚀 05:35 Why PumpFun listing Robinhood Chain tokens was the result of their strategy
🔐 09:33 Where Robinhood's responsibility ends and the permissionless chain begins
📣 11:12 Cape: Use code UNCHAINED for 33% off your first six months at<a href="https://cape.co/unchained"> https://cape.co/unchained</a>
⚡ 16:17 Why Robinhood built a separate Lighter instance for its perps
💵 20:24 Why USDG, not USDC or Tether, backs Robinhood Chain's lending and margin
📉 23:23 Does the chain mitigate the 63% swing crypto can have on Robinhood's earnings? Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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