According to Huoxing Finance, Tom Wan, Data Lead at Entropy Advisors and former analyst at 21.co, posted on X that the total market capitalization of stablecoins on the Robinhood Chain has surpassed $200 million. He noted that Ethena has been the key driver of this growth. Data shows that Ethena currently holds $500 million in USDG on the Robinhood Chain and another $500 million in USDG within the Ethena × Steakhouse USDG vault, bringing its total assets under management to nearly $1 billion, or approximately 50% of the total USDG supply on the Robinhood Chain.
Robinhood Chain Stablecoin Market Cap Exceeds $200M
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Summary
On-chain data shows that the stablecoin market cap on Robinhood Chain has surpassed $200 million, according to Tom Wan, Head of Data at Entropy Advisors. On-chain analysis reveals Ethena as the primary driver, holding $50 million in USDG on the chain and an additional $50 million in the Ethena × Steakhouse USDG vault. This makes Ethena the largest USDG holder, controlling nearly 50% of the total supply on Robinhood Chain.
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