Robinhood Officially Launches Layer-2 Blockchain as Cat-Themed Meme Coin Surges to a $150 Million Valuation

Robinhood Launches Layer-2 Blockchain as CASHCAT Memecoin Surges to a US$150 Million Valuation

Robinhood has officially launched Robinhood Chain, a Layer-2 blockchain built on Arbitrum to support tokenized real-world assets (RWAs), tokenized stocks, decentralized finance (DeFi), and AI-powered financial applications.

However, just one week after the public mainnet went live, the crypto community’s attention has shifted to CASHCAT, a memecoin inspired by Robinhood’s original company name. The token quickly climbed to a market capitalization of nearly US$150 million, while generating more than US$159 million in 24-hour trading volume.

Notably, CASHCAT is not an official Robinhood token. Instead, it gained liquidity and traction through decentralized exchanges (DEXs) such as Uniswap and third-party platforms, including Noxa.fun and Pump.fun, without going through Robinhood’s official token listing process.

A Memecoin Inspired by Robinhood’s Origins

Before adopting the Robinhood brand, founders Vlad Tenev and Baiju Bhatt reportedly considered naming the company CashCat. That piece of company history later inspired an anonymous developer to launch the CASHCAT memecoin.

According to Dune Analytics, CASHCAT now accounts for approximately 79% of the total market capitalization and 74% of the trading volume among the top 25 memecoins on Robinhood Chain. The second-largest token, Dog In Hood, has a market capitalization roughly 16 times smaller.

Network activity has also accelerated significantly. Daily transactions jumped from around 1.2 million on July 7 to nearly 2.8 million on July 8, representing a 133% increase in just one day.

Meanwhile, the number of new tokens launched through Noxa.fun surged from 1,858 to 6,675, marking a 259% increase over the same period.

Strong Activity, but Risks Remain

While network growth has been impressive, the rapid influx of new tokens has also raised concerns. The growing number of memecoins could fragment liquidity and investor attention, making it more difficult for individual projects to sustain long-term momentum.

According to DefiLlama, Robinhood Chain currently holds:

• Total Value Locked (TVL): approximately US$107.8 million
• Stablecoin market capitalization: around US$246.8 million
• Active RWA market capitalization: approximately US$12.5 million

In addition, CASHCAT’s high trading volume relative to its market capitalization suggests that the token is primarily being traded rather than accumulated for long-term investment.

Robinhood Remains Focused on RWA Tokenization

Robinhood CEO Vlad Tenev has stated that the future of crypto lies in the tokenization of real-world assets. He also said Robinhood Chain is being built to become the leading blockchain for RWAs, while acknowledging that it also “works great for memes.”

CASHCAT’s rapid rise highlights how permissionless blockchain infrastructure allows anyone to launch a token without approval from the network operator. As a result, the market—not the platform—ultimately decides which assets gain traction.

At the same time, copycat tokens and impersonator accounts have already begun circulating, while liquidity remains concentrated in a single primary trading pair, increasing the risk of sharp price volatility.

A 2026 academic study examining nearly 35,000 memecoins across Ethereum, BNB Chain, Solana, and Base found that approximately 5.15% stopped trading within just 24 hours of launch.

Although CASHCAT has significantly outperformed most newly launched memecoins, the risks remain elevated, as permissionless ecosystems enable thousands of new tokens to enter the market every day.

What’s Next for Robinhood Chain?

Under a bullish scenario, CASHCAT could maintain a market capitalization above US$100 million, while transaction activity remains strong and RWA adoption on Robinhood Chain continues to expand. In this case, memecoins could serve as an effective gateway, attracting users before they explore the network’s broader tokenized asset ecosystem.

Conversely, in a bearish scenario, CASHCAT’s market capitalization could decline to between US$30 million and US$50 million, daily transactions could slow significantly, and RWA adoption may struggle to gain momentum.

Despite the uncertainty surrounding memecoins, the long-term outlook for asset tokenization remains promising. Citi estimates the global tokenized asset market could grow from roughly US$17 billion today to US$5.5 trillion by 2030, with public equities and government bonds expected to lead early adoption.

For Robinhood, CASHCAT demonstrates how permissionless blockchain infrastructure can generate organic on-chain activity without direct involvement from the company. However, achieving its broader vision of becoming a leading hub for real-world asset tokenization will likely require years of institutional adoption and ecosystem development.