Robinhood’s second-quarter results point to a changing role for crypto inside its business: retail crypto trading generated less revenue and lower volume, while the company’s newly launched Layer-2 network began producing transaction revenue and stablecoin-related income streams that could become more durable than spot trading fees.
The company reported $1.31 billion in total revenue for the second quarter of 2026, up 32% from a year earlier and 92% from the second quarter of 2024. Crypto revenue moved in the opposite direction, falling 38% year over year to $100 million. Retail crypto trading volume on Robinhood’s main app declined 36% to $18.2 billion, leaving crypto responsible for 8% of quarterly revenue.
Event contracts produced $156 million during the quarter, overtaking crypto as a revenue source based on Robinhood’s reported figures. The comparison illustrates how the company’s business has become less dependent on customers placing trades in Bitcoin, Ethereum, and other digital assets through its app.
Crypto’s shrinking share of customer assets
Crypto also occupies a smaller position in Robinhood’s custody base than it did two years ago. Crypto assets under custody stood at $26.2 billion in the first quarter of 2024, representing 20% of all assets held for customers. They later reached $26.3 billion, yet their proportion of total assets under custody fell to a record-low 7% as Robinhood’s broader platform expanded.
That pattern does not necessarily indicate a collapse in crypto balances. Instead, it shows that the company’s other asset categories have grown far faster, reducing crypto’s relative contribution to the assets Robinhood holds for customers.
The pressure on trading revenue arrives as blockchain network fees have weakened across the market. Blockworks data showed tracked chains generated $122.4 million in network revenue in July, the lowest monthly result in three and a half years. The figure was down 63% from $333.7 million in July 2025 and below the $300.1 million recorded in July 2023.
Robinhood Chain entered that softer fee environment on July 1, when the company announced its mainnet launch at its “The World Is Flat” event. The early figures nevertheless placed the new network among the month’s highest-grossing Layer-2 systems.
Robinhood Chain leads July’s tracked Layer-2 revenue
Robinhood Chain generated $3.6 million in real economic value, or REV, during its first month, according to growthepie data cited in the analysis. REV measures the economic value captured by a network, including transaction fees and related protocol revenue. At July’s pace, the result annualizes to about $43.2 million.
That placed Robinhood Chain first among Layer-2 networks tracked by growthepie for July. Polygon generated $2.7 million in revenue and Base produced $2.1 million, while Robinhood Chain represented 38% of the dataset’s total Layer-2 revenue.
The result offers an early indication that Robinhood can capture revenue from activity taking place on infrastructure it controls, rather than relying solely on commissions and spreads associated with trading inside its centralized app. The chain-related revenue remains modest beside Robinhood’s reported crypto business: $100 million in quarterly crypto revenue equates to roughly $400 million on an annualized basis.
Using the July chain REV run rate, an estimate for USDG reserve income, and the disclosed fee-sharing arrangement with Lighter, the identified chain-related revenue streams total about $54.8 million annualized. That is roughly 14% of annualized second-quarter crypto revenue. The calculation depends on several assumptions, particularly stablecoin reserve yields and Robinhood’s share of those proceeds, but it suggests the network could become a meaningful supplement if usage persists.
Meme coins drive most early chain activity
Robinhood Chain’s first month was dominated by meme-coin activity rather than tokenized real-world assets, despite the company’s emphasis on bringing traditional financial products onchain.
Spot trading volume reached $6.93 billion in July. Meme coins accounted for $3.55 billion, or 51% of that total, while real-world assets, or RWAs, represented $313.2 million, about 5%. From July 6 through July 31, 48% of RWA trading volume occurred in liquidity pools pairing RWAs with meme coins.
The figures show that tokenized assets have gained a foothold on the network, but early liquidity has been tied closely to speculative crypto trading. That mix can produce substantial transaction activity, although it may be less stable than volume driven by payments, savings products, or institutional settlement.
Robinhood’s own self-custody wallet had a limited role in distribution during July. Wallet users generated $119.6 million in trading volume, less than 4% of the $3.08 billion recorded across tracked wallet and trading applications on the chain. Daily volume peaked at $11 million on July 8 before falling to a final-week average of $2.1 million per day.
The wallet averaged just under 7,000 daily active wallets during the month, ranking fourth by that measure and sixth by trading volume among tracked applications. The active-wallet data was not adjusted for sybil activity, meaning the number of unique users may be lower.
Stablecoin reserves offer a different revenue channel
USDG, the network’s native stablecoin, provides Robinhood with an additional potential income source through interest earned on reserve assets. USDG supply on Robinhood Chain reached $333.1 million by the end of July.
At a hypothetical 3.5% reserve yield, with 90% of the interest income accruing to Robinhood, that supply would produce about $10.5 million in annualized revenue. Under the same assumption, $1 billion of USDG supply would generate about $31.5 million annually. If Robinhood retained all reserve interest, each $1 billion in supply would imply $35 million at a 3.5% yield.
Eleven blockchains already hold at least $1 billion in stablecoin supply, according to the cited comparison. Robinhood Chain remains well below that level, but its early USDG balance gives the company a financial incentive to expand stablecoin use across trading, lending, payments, and collateral applications.
One early example is Morpho, where Robinhood users could deposit stablecoins at an incentive-adjusted annualized yield of 7%. By the end of July, Morpho’s market on Robinhood Chain accounted for 5% of Morpho’s total deposits and nearly 6% of its loans, making the chain Morpho’s third-largest market by total value locked within a month.
Robinhood also integrated Lighter perpetuals into its wallet under a 50/50 fee split. The Robinhood deployment produced $86.8 million in July volume, equal to 0.2% of Lighter’s total perpetuals volume. Lighter allocated 11 million LIT tokens, valued at about $25 million, to encourage perpetuals activity, making it difficult to separate organic demand from incentive-driven volume at this early stage.
Robinhood’s results therefore show a company seeking to offset declining retail crypto trading with revenue tied to its own network, stablecoin reserves, and embedded decentralized-finance products. The first month delivered strong revenue relative to competing Layer-2 chains, while the composition of activity—especially its dependence on meme coins and incentives—will determine how durable that early lead proves to be.
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