Robinhood Chain protocol TVL rose from $83 million to $147 million in 24 hours, with the main inflow tied to Ethena’s $50 million seed into the Steakhouse Financial USDG vault. The move pushe
Robinhood Chain protocol TVL rose from $83 million to $147 million in 24 hours, with the main inflow tied to Ethena’s $50 million seed into the Steakhouse Financial USDG vault.
The move pushed fresh liquidity into Morpho, which has become the main lending layer behind Robinhood’s onchain yield push. Morpho Blue held about $84 million on Robinhood Chain after the jump, accounting for most of the network’s tracked DeFi liquidity.
The deposit also strengthens Ethena’s role inside Robinhood’s first crypto Earn product. Ethena was selected as the primary collateral asset issuer for the product, while Steakhouse Financial curates the vault infrastructure and Morpho handles the credit markets behind the user-facing Robinhood app flow.
Robinhood Earn uses USDG as the lending asset, with capital routed through a Morpho vault and allocated across lending markets. The product connects USDG, Morpho, Steakhouse Financial and Robinhood Chain, giving eligible users a way to access onchain lending from inside the Robinhood app.
The vault design keeps the retail interface simple while moving credit risk into DeFi infrastructure. Users lend USDG, borrowers post collateral from markets tied to Spark, Ethena and Maple, and yield comes from borrower interest rather than a fixed savings rate.
Ethena’s $50 million seed gives the vault immediate depth and helps explain why TVL moved so quickly. A large initial deposit can raise chain-level TVL, improve borrow capacity and attract follow-on liquidity, especially when the product is attached to a mainstream brokerage app rather than a standalone DeFi front end.
The TVL spike follows Robinhood’s wider push to make its chain a settlement layer for tokenized assets, lending, yield and app-based DeFi access. Robinhood Chain was already positioned around tokenized finance, stock tokens and onchain funding after the company expanded Wallet features and tied the network more closely to its product roadmap.
Ethena had already entered the Robinhood Earn collateral stack before the latest TVL jump, giving USDe another distribution channel inside consumer-facing DeFi. The earlier Robinhood Earn rollout connected USDe, USDG, Morpho and Steakhouse inside a product that eligible users can access without separately managing Morpho vaults or collateral-market settings.
The same pattern has appeared on Coinbase, where an Ethena-powered High Yield vault crossed $100 million in deposits days after launch.
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