Robinhood CEO Vlad Tenev said the early growth of Robinhood Chain has exceeded the company’s expectations, pointing to rising trading activity and revenue as the network becomes a bigger part of its expansion plans.
“Rapidly since launch, the growth and scale of the chain across pretty much all metrics has surprised us,” Tenev said Wednesday at Goldman Sachs’ conference in San Francisco.
Tenev said Robinhood Chain has recently handled billions of dollars in daily trading volume, while gross revenue reached as much as $6 million on one recent day. He said stock tokens have been the main driver of the activity.
Robinhood plans to expand beyond the roughly 200 stock tokens currently available, add other asset classes, increase liquidity and bring more institutions onto the network.
Tenev said the growth could “dramatically accelerate” Robinhood’s long-term push to generate half its business internationally and half from institutional customers.
Shares of the trading platform were trading 1% lower on Wednesday at $116.23 a piece.
U.S. Treasury Secretary Scott Bessent urged senators to move forward with the Clarity Act when they return from the August recess next Wednesday, calling for lawmakers to stay at the negotiating table on the crypto market structure bill.
Bessent said the legislation would establish a regulatory framework for digital assets while giving authorities more tools to combat their misuse.
“Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets,” Bessent wrote on X.
The comments renew Bessent’s July call for the Senate to advance the legislation as negotiations continue over U.S. crypto rules.
“Inflation shocks much like uncertainty shocks - they are related - have moved from being episodic to endemic,” writes Diane Swonk, chief economist at KPMG.
“The disruptions have gone on for more than five years. The repetition is creating a feedback loop that is teaching firms and households to expect inflation … The Fed is the only game in town to derail it.”
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